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Reply to "Tell me how much you have saved in your 401K at age 40."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What is a backdoor Roth as opposed to a Roth? This is post-tax, and limit is $5,500/year?[/quote] There are income limits to contributing to a Roth IRA. If your income exceeds that limit, you can contribute to a regular IRA, then convert it to a Roth, perfectly legally. It's a way of getting to a Roth through the "backdoor," since you can't just contribute up front. [/quote] So do you keep opening new IRA's every year? [/quote]
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