Mega backdoor Roth conversions are a popular strategy among investors looking to boost their tax-free retirement savings. This involves making after-tax 401(k) contributions, which are then shifted to Roth accounts. Unlike regular backdoor Roth conversions, mega backdoor conversions allow investors to exceed the yearly 401(k) deferral limit, providing an opportunity to save more for retirement.
Personal
The global workforce has seen a significant shift towards remote work in recent years, with the COVID-19 pandemic playing a major role in accelerating this trend. While the initial transition to remote work was driven by necessity, it has now become a preferred choice for both companies and employees. According to labor economists, remote work
Generation X, often referred to as the sandwich generation, finds themselves in the challenging position of balancing financial and emotional responsibilities for both their adult children and aging parents. This generation not only has to manage their current lifestyle aspirations but also secure their retirement future. The juggling act of life and finances can be
One crucial aspect of saving for retirement is understanding the impact of when you choose to invest in your 401(k) plan. Investing sooner rather than later can significantly boost your growth over time. However, a common mistake many individuals make is maxing out their 401(k) contributions too early in the year, which can potentially lead
The labor market is experiencing a gradual cooling period, making it more challenging for individuals to secure new employment opportunities. Even though job openings have decreased, the overall conditions are still favorable for job seekers. According to Julia Pollak, chief economist at ZipRecruiter, the competition has intensified, but it is essential not to lose hope
It seems that the finance bros are having their moment in the spotlight, and it’s not always for the right reasons. TikTok content creator Megan Boni recently posted a video poking fun at the high expectations many women have in potential partners, especially when it comes to finding a man in finance. While the video
In a recent analysis conducted by Fidelity, it was revealed that the average 401(k) plan savings rate, which includes both employee and company contributions, has reached a record high of 14.2%. This percentage is incredibly close to the recommended benchmark of 15% set by Fidelity for individuals looking to maintain their current lifestyle in retirement.
Americans are notorious for not utilizing their vacation time to its full potential. Despite the majority of workers deeming paid time off as extremely important, many still leave days unused. Elizabeth Grace Saunders, a time management coach, stresses the importance of taking vacation time to honor our biological need for rest and refreshment. However, with
In a recent interview, Kelly Harry shared her experience of realizing she was severely underpaid while working as an account executive in ad sales in New York City. Initially content with her $40,000 salary, it wasn’t until a coworker mentioned earning $102,000 that she recognized the discrepancy. Kelly, an immigrant protected under DACA, admitted she
In recent years, TikTok has become a goldmine for financial advice, tips, and tricks, particularly for Generation Z. Also known as #FinTok, this platform has gained immense popularity as a source of financial information, considering the generation’s preference for seeking guidance online rather than from traditional financial advisors. According to the CFA Institute, Gen Zers