A Backdoor Roth IRA can be a fantastic way to funnel money into a Roth if your income puts you over the Roth IRA contribution limits. However, this strategy often gets messed up by folks who already have money in an IRA from a rollover or past contributions. In this episode, we'll break down how to fix this issue and unlock the Backdoor Roth IRA! For those not familiar with what a Backdoor Roth even is, here is our video guide on it: https://www.youtube.com/watch?v=7sceoVR2niM&t=379s

Key Topics:

• How to Unlock the Backdoor Roth (the right way!) (01:14)
• The Easier Path with an Employer-Sponsored Retirement Plan (03:10)
• The Other Situation: Basis Inside the IRA (04:14)
• Form 5606: A Commonly Incorrectly-Completed Form (07:00)
• Wrap-up (08:00)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

So, we've all heard about the amazing benefits of HSAs (triple tax-free!). But how do you actually invest the money once it's in there? We're breaking it all down for you in this episode. Link to our HSA video if you're not familiar with them in the first place: https://www.youtube.com/watch?v=MAfPLDc2ic8&t=425s

Key Topics:

• Health Savings Account Benefits (01:10)
• How to Design the Investment Allocation for an HSA (01:57)
• Invest Aggressive (02:35)
• Don’t Use the Health Savings Account for Medical Expenses (03:44)
• View Your HSA as a “Longterm Care Fund” (05:32)

Wrap-Up (06:39)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

This week, we're diving into a study conducted by Empower, which analyzes the median 401(k) balance by age. We'll break down the numbers, discuss strategies for catching up if you're behind, and explore ways to optimize your wealth if you're ahead of the curve.

Key Topics:

• The Empower Study: Median 401k Balances Across Age Groups (01:05)
• What to do if You Are Behind For Your Age Group? (06:12)
• Track Your Spending with the Correct Tools (06:27)
• Automate Your Retirement Savings (08:02)
• Strategize your Roth IRA or Backdoor Roth (09:46)
• What to do if You Are Ahead For Your Age Group? (10:15)
• Mega Backdoor Roth (10:44)
• Build Up Your Brokerage Account (11:13)
• Wrap-Up (13:21)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

In this episode, "The Hardest Part About Retiring Explained," we tackle what many folks find tough about switching from saving to spending in retirement. After years of saving up and watching your retirement fund grow, it hits you—you're retired and that regular paycheck stops. Suddenly, the thought of pulling money out of your savings feels all wrong. It's a big shift, and it scares a lot of people into either going back to work or just delaying retirement because they can't face that change.

Key Topics:

• Saver’s Mentality (02:09)
• Overcoming Saver’s Mentality (05:29)
• #1: Establish a Formal Retirement Plan (06:19)
• #2: Force Yourself to Take Money Out of Your Accounts (08:51)
• #3: Get an Accountability Buddy and Set Spending Goals (11:10)
• Bottom Line: It’s Okay To Spend Your Hard-Earned Money (12:57)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

The Mega Backdoor Roth is a tax loophole that many affluent individuals take advantage of to put $69,000 into a Roth. If you are familiar with Roth IRAs, you know they are limited to only $7,000 a year in contributions ($8,000 if you’re over 50 years old) and they have income phase-outs. With the Mega Backdoor Roth, you can blow past this amount with no income limitations. The good news is that, while they are still allowed, anyone can implement this strategy with the right employer-sponsored retirement plan like a 401k. Let’s see how they work.

Key Topics:

• Basics of the Mega Backdoor Roth (02:56)
• Three Contribution Types (04:34)
• Real-Life Example of the Mega Backdoor Roth (08:03)
• Do Not Forget to Convert (12:57)
• Considerations around the Mega Backdoor Roth (14:27)
• Wrap-Up (19:27)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

If you're earning a substantial income and considering purchasing a home valued at $1,000,000 or more, this episode is tailored for you. We'll break down this decision from both cash flow and financial planning perspectives to help you cover your blind spots. You won't want to miss it!

Key Topics:

• Be Realistic about Your Income, For Better or Worse (03:30)
• Be Realistic about Your Career Path (05:19)
• It’s Okay to Wait (06:51)
• Case Study (08:14)
• Benefits of Owning (12:20)
• Scenarios of Income Cuts + Other Worst-Case Scenarios (15:08)
• What if You’re Too Aggressive with Your Decision? (19:47)
• Bottom Line: Be Realistic and Plan Strategically (21:30)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

When markets sell off, it can evoke an uneasy feeling. In what may seem like the blink of an eye, your portfolio, which may have previously shown significant gains, is now at a loss. So, what should you do? We'll break down six different tips and tricks to help you optimize your portfolio during this challenging time.

Your Guide to Tax Loss Harvesting: https://youtu.be/Goc-ZonDNLY?si=ZPA2RaspDIXYMICd

Key Topics:

• Markets Sell Off All the Time, How to React (00:58)
• Tip #1: Understand that Sell Offs Are Normal (02:03)
• Tip #2: Stay the Course with Your Investment Plan (03:59)
• Tactical Tip #1: Take Advantage of Tax Loss Harvesting (06:33)
• Tactical Tip #2: Buy the Dip (08:25)
• Tactical Tip #3: Tactical Roth Conversions (10:02)
• Make a Financial Plan, Take Strategic Action (11:51)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice. Subscribe to our weekly planning insights newsletter: https://mdrnwealth.com/blog/ If you need specific advice you can contact us at Advice@mdrnwealth.com or at: https://www.mdrnwealth.com

In the United States, income taxes are regularly collected. For most individuals, this entails employers deducting federal and state taxes from each paycheck. However, in certain circumstances, it might be prudent to arrange quarterly tax payments, particularly if you're self-employed or receive substantial additional income such as RSUs or commissions.

Key Topics:

• Do I Need to Pay Quarterly Taxes? (01:04)
• Managing Payments Throughout the Year (02:10)
• W4 Withholding and Avoiding Underwithholding Penalties (02:30)
• Where Quarterly Tax Payments May Be More Appropriate (03:53)
• Bottom Line - Depends on Your Circumstances (07:15)
• How to Set Up Quarterly Tax Payments via IRS Direct Pay (07:42)

This Episode is intended to be financial education only and is not intended to be specific tax, legal, or investment advice. Please consult a professional for specific advice.

Subscribe to our weekly planning insights newsletter: ⁠https://mdrnwealth.com/blog/⁠

If you need specific advice you can contact us at Advice@mdrnwealth.com or at: ⁠https://www.mdrnwealth.com