There are tools physicians can unlock to gain the financial benefits of a Roth IRA.
Higher earners like physicians may feel locked out of some tax-free withdrawal options as their high income disqualifies them from opening Roth IRA accounts. They may be unaware of some tools that could be at their disposal to get those same benefits, such as the backdoor Roth IRA and Roth IRA conversions.
Here are some common questions and answers about Roth IRAs.
About the author
Syed Nishat, BFA, is a partner at Wall Street Alliance Group. He holds a bachelor’s degree in business administration from University of Nevada Reno. Syed holds the FINRA Series 7, FINRA Series 63 and FINRA Series 66 licenses, along with licenses for life, disability and long-term care insurance. He also has been awarded the Behavioral Financial Advisor (BFA) designation.
Securities offered through Securities America, Inc., member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Wall Street Alliance Group and Securities America are separate companies. Securities America and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation.