The Backdoor IRA Conversion Process with Rhonda Murphy

There are a couple of different IRAs that most people can contribute to. What do you do when you can’t make a contribution to them?

In this episode, Jim Bishop is joined by Rhonda Murphy, a financial advisor with SJI Financial Services. Rhonda dives into the process behind a backdoor IRA conversion and how to leverage them within your retirement account.

Rhonda Murphy discusses: 

  • The different types of IRAs and what a backdoor IRA conversion is
  • Who would benefit from the backdoor IRA conversion process
  • How to make contributions and take distributions out of a retirement account
  • The impact of already having an IRA
  • And More

Related: How the Media Influences Your Investment Decisions