<description>&lt;p&gt;Scott and James discuss what to do if you make too much to contribute to a Roth IRA.&lt;/p&gt;&lt;p&gt;&lt;b&gt;Listener Question:&lt;/b&gt;&lt;/p&gt;&lt;p&gt;I am currently 33 years old, single, and am nearing a $129,000 annual salary. I have been investing in a Roth IRA and realize the phaseout limits for single taxpayers are from $129k - $144k. My question is, how do I lower my income, besides contributing to my traditional 401k, so I can keep contributing the max $6000/year into my Roth IRA as my income rises over the years?&lt;/p&gt;&lt;p&gt;&lt;b&gt;Planning Points Discussed:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Utilizing Time Efficiently&lt;/li&gt;&lt;li&gt;Capital Appreciation&lt;/li&gt;&lt;li&gt;Purchasing Power&lt;/li&gt;&lt;li&gt;Other issues (IRAs, Inflation, Financial Goals, etc.)&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;b&gt;Timestamps:&lt;/b&gt;&lt;/p&gt;&lt;p&gt;2:30 - Introduction&lt;/p&gt;&lt;p&gt;6:17 - Phaseouts&lt;br/&gt;&lt;br/&gt;8:13 - Roth IRAs&lt;/p&gt;&lt;p&gt;11:05 - Aligning Your Financial Goals&lt;/p&gt;&lt;p&gt;LET&amp;apos;S CONNECT!&lt;/p&gt;&lt;p&gt;James&lt;/p&gt;&lt;p&gt;&lt;a href='https://www.youtube.com/channel/UCBNdQfS-fzODmYb8Hkr4egA'&gt;YouTube&lt;/a&gt; &lt;a href='https://www.linkedin.com/in/jamesconole/'&gt;LinkedIn&lt;/a&gt; &lt;a href='https://www.rootfinancialpartners.com/'&gt;Website&lt;/a&gt;&lt;/p&gt;&lt;p&gt;Scott&lt;/p&gt;&lt;p&gt;&lt;a href='https://www.facebook.com/stonestepsfinancial/'&gt;Facebook&lt;/a&gt; &lt;a href='https://twitter.com/scott_r_frank'&gt;Twitter&lt;/a&gt; &lt;a href='https://www.stonestepsfinancial.com/'&gt;Website&lt;/a&gt;&lt;/p&gt;</description>

Real Personal Finance

Scott Frank and James Conole

What Should You Do If You Make Too Much To Contribute To a Roth IRA?

FEB 15, 202312 MIN
Real Personal Finance

What Should You Do If You Make Too Much To Contribute To a Roth IRA?

FEB 15, 202312 MIN

Description

Scott and James discuss what to do if you make too much to contribute to a Roth IRA.

Listener Question:

I am currently 33 years old, single, and am nearing a $129,000 annual salary. I have been investing in a Roth IRA and realize the phaseout limits for single taxpayers are from $129k - $144k. My question is, how do I lower my income, besides contributing to my traditional 401k, so I can keep contributing the max $6000/year into my Roth IRA as my income rises over the years?

Planning Points Discussed:

  • Utilizing Time Efficiently
  • Capital Appreciation
  • Purchasing Power
  • Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:30 - Introduction

6:17 - Phaseouts

8:13 - Roth IRAs

11:05 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

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