Published by Kiplinger.com
Written by David Rodeck
“The Roth IRA is that rare prize in the U.S. Tax code — a way to earn tax-free income. Savers using Roth IRA accounts withdraw their investment gains completely tax-free in retirement. But because the government designed this generous tax break for the middle class, the Roth has strict income limits for who can use it. In 2024, Roth IRA limits mean you cannot contribute directly to a Roth IRA if you’re single and have a modified adjusted gross income of more than $161,000 or are married with joint modified AGI over $240,000.”
“Wealthier investors, however, can still access these accounts indirectly through a backdoor Roth IRA.
“This strategy gives a workaround for the Roth IRA income restrictions,” says Rob Burnette, a financial adviser and tax preparer at Outlook Financial Center in Troy, Ohio.
“At least it does for now. Reports of billionaires funding Roths through the back door have put this strategy on Congress’s radar, with some Democratic lawmakers looking to restrict the practice or even abolish it altogether. However, “the IRS has said they’re OK with this move short of new legislation formally blocking it,” says Wade Pfau, a professor of retirement income at The American College of Financial Services.”
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Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.