Retirement and 401(k)
Mega Backdoor Roths: How They Work in 2021
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October 4, 2021
If you like the idea of a Roth, then you’re going to love the supersize version, known as a mega backdoor Roth.
If fortune smiles on you, this strategy could allow you to stash an extra $38,500 into a Roth IRA or Roth 401(k) in 2021. But that “if” is big. You could even call it mega.
Hello, I'm
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
