You worked so hard for your retirement savings, now boost them further!

If you have maxed out your 401(k), there are still ways to make contributions to your retirement funds post-tax. The IRS is now allowing those who are eligible to move after-tax contributions from their 401(k) or 403(b) plan to a Roth IRA upon exiting a company plan. “With this new ruling, retirement savers are getting a huge increase in their ability to contribute to a Roth IRA,” said President and CEO of Signature Estate and Investment Advisers, Brian Holmes.

Roth’s are a valuable income stream because contributions occur after-tax, meaning you don’t have to pay anything for the money you withdraw, such as in a pre-tax fund like a 401(k). Roths are also great, because they can continue to grow tax-free due to the lack of mandatory distribution requirements (traditional IRAs have a requirement age of 70.5 to start withdrawing funds). This also means, if you need to withdraw a large sum for an unforeseen circumstance, you will not be moved to a higher tax bracket.

Another way this boosts your assets is because the IRS is allowing you to to divert all of your 401(k) assets into a Roth after you leave your company which can increase your retirement funds by tens of thousands of dollars. There are some stipulations to this ruling, however.

• After-tax contributions to your 401(k) must be eligible through your employer plan (53% allow both pre- and post-tax contributions).
• Max out your pre-tax contributions beforehand.
• Putting your 401(k) funds into a traditional IRA must happen at the same time you transfer to a Roth.

For those that want to leave money for their heirs and future generations, or those that are such high earners they don’t want excessive amounts taken out for taxes, the Roth IRA is for you. “It’s absolutely the best asset to die with if you want to leave money behind,” Holmes said.

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