👴🏼 Retirement Loophole Explained #shorts

Summary

The video explains a "backdoor" Roth IRA strategy. If your income exceeds the limit for direct Roth IRA contributions, you can contribute to a traditional IRA and then transfer those funds to a Roth IRA. You won't get the tax deduction normally associated with a traditional IRA contribution, but you'll still be able to grow your wealth tax-free in the Roth IRA.