Use a Backdoor IRA to Workaround Income Restrictions

And, what to do before you change financial advisers. Created for {EMAIL} | [Web Version]( November 7, 2024 FOLLOW US:  [LinkedIn]( [Facebook]( [Instagram]( [A Step Ahead]( [SIGN UP](format=multipart) ⋅ [WEBSITE]( [] INTRODUCTION [] [Stepping Into Saving at the Supermarket]( As we all gear up for our Thanksgiving feasts, let’s take a look at a way of grocery shopping that will save you time, money and reduce waste. The 6-to-1 grocery method provides structure to your grocery list, making shopping easier and more cost-effective. Kiplinger personal finance writer Erin Bendig explains [how to use the 6-to-1 grocery method](. Because the method is supposed to be adapted to your preferences and needs, it can help carnivores, vegetarians and picky eaters save at the grocery store. - Donna LeValley, personal finance writer [Do You Need a Retirement Spending Plan?]( Spending your hard earned retirement money can be complicated—and it's important to make the right decisions that will help your savings last. Vanguard Personal Advisor is built to provide you an ongoing collaboration with our professional advisors — no matter where you are in your journey. [LEARN MORE]( Paid non-client promotion ADVERTISEMENT [] WEALTH MANAGEMENT [] [How to Change Financial Advisers]( (Getty Images) [How to Change Financial Advisers]( When things aren’t going well, saying “You’re fired!” to your financial advisers is tempting. Whether you are unhappy with the fees, investments or service, moving too quickly can cost you financially and hamper your ability to pick a replacement. [Tips for Switching]( [] END OF YEAR PLANNING [] [Backdoor Roth IRAs: Good for Wealthy Retirees?]( (Getty Images) [Backdoor Roth IRAs: Good for Wealthy Retirees?]( A backdoor Roth IRA is a tax loophole that enables wealthier individuals to earn tax-free income. But it's complicated, and how long will that back door remain open? [The Roth Loophole]( [401(k): Actions to Consider When Switching Jobs]( You've worked hard to save money in your 401(k) or 403(b) and, if you're like most Americans, you're likely to change jobs (and employers) multiple times during your career. Here are a few different options you have when deciding what to do with your 401(k) when you switch jobs. [READ MORE]( ADVERTISEMENT [] EVALUATING HEALTH INSURANCE POLICIES [] [Your Guide to Open Enrollment and Health Insurance for 2025]( (Getty Images) [Your Guide to Open Enrollment and Health Insurance for 2025]( November and December are open enrollment season for employer-provided health insurance, the Affordable Care Act marketplace and Medicare. With healthcare costs rising, it’s essential to evaluate plans and select one that fits your needs at a price you can afford. [How to Pick a Plan]( [This Billion Dollar Startup Wants to Help You Retire]( This Princeton grad's startup raised $161 million to help people plan for retirement. If you're one of the whopping 110 million Americans over the age of 50, or wisely planning ahead, SmartAsset's no-cost tool can help match you with up to 3 vetted financial advisors. [Learn more]( ADVERTISEMENT [] OTHER KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [Here's Why You Shouldn't Put All Your Money Into Roth IRAs]( Converting a tax-deferred account to a Roth can be a good strategy for lowering future taxes, but moving all of your money at once is typically not recommended. [Best Marijuana Stocks to Buy: Cannabis Stocks for Investing]( The best marijuana stocks have been put through the wringer for years. But with U.S. cannabis sales on the rise, these picks could finally have their day in the sun. [6 Steps to Plan Your Charitable Giving]( If you have money to give to causes you care about, a planned giving strategy can help boost the impact of your donations. Consider these steps to get started. [From building wealth for a secure retirement or investing wisely in any market to money-saving tax planning and much more — Sign up to explore more free e-newsletters here.]( ABOUT KIPLINGER When we write about money, we get it right. 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