A 61-year-old earning $500,000 a year can use the mega backdoor Roth to contribute $76,000 annually (or $152,000 if married) in after-tax 401(k) money. At 10% returns, that grows to $1 million in four to five years, all tax-free.
They have their own small business. They're 61 years old. They have about 500k in their IRA. How do I do the backdoor Roth?
She's making 500 grand a year, which is way over. Congrats, girl. So you want to do the Mega Girl, because you're making the money, and so I want you doing the entire 76,000. And by the way, if you're married, double it. Who? I can throw down 76. That's 152. If I do 152, we're going 10% conservative. How long until you think you'll have a million dollars? Four years and one month. You got a million dollars. So get on the mega backdoor Roth bandwagon. Get that 76 times two, and within five years you got $1 million, tax free.
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