If you're looking for a way to save more for retirement than what traditional 401(k) or IRA accounts allow, a mega backdoor Roth might be worth considering. This is a strategy that enables individuals to contribute significantly more after-tax dollars to their retirement accounts than they would be able to otherwise.
You're never too old to keep saving. And now the SECURE Act gives you added incentive—even past age 70.
According to a recent GALLUP survey, 63% of Americans plan on working part-time in retirement. And I think that makes a lot of sense. After all, working part-time not only provides some extra income, it’s also a way to stay active and engaged.
The year 2020 is one of the most eventful in recent times, and changes to the rules that govern retirement accounts are no exception. One of these changes is the waiver of required minimum distributions (RMDs) for 2020. As a result of this waiver, you are not required to take RMDs from your IRA for 2020.