all high income earners listen up one of the best ways to save for retirement and you guys know this is I love a raw fire a this is where you can put money in it grows tax-free it's fantastic it's a limit of $7,000 but it also has an income limit so if you're a single filer if you make over $161,000 you don't qualify for a Roth IRA if you're married filing jointly you're up to$ 260 so if you make over that you can't qualify for Roth IRA but what you can do is a backd door Roth IRA okay so it's a little complicated but in a simplistic way what you do is you open up a traditional IRA you fund it and then at the same time you open up and roll it over to a Roth IRA so sometimes you can do it in one sitting you literally sign one paper sign the other and it's done it's called a backo Roth and it's completely legal now you have to be careful though because if you do have money in a traditional IRA and you try to roll it over to a Roth and it's gained interest then you are going to have taxes so make sure you sit down with an investment professional to do this but it's a great option for high earners a back door Roth IRA
