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There are a couple of different IRAs that most people can contribute to. What do you do when you can’t make a contribution to them?
In this episode, Jim Bishop is joined by Rhonda Murphy, a financial advisor with SJI Financial Services. Rhonda dives into the process behind a backdoor IRA conversion and how to leverage them within your retirement account.
Rhonda Murphy discusses:
- The different types of IRAs and what a backdoor IRA conversion is
- Who would benefit from the backdoor IRA conversion process
- How to make contributions and take distributions out of a retirement account
- The impact of already having an IRA
- And More