A Backdoor Roth IRA is a strategy that allows individuals who earn too much to directly contribute to a Roth IRA to still contribute to one indirectly. The strategy takes advantage of a loophole in the tax code that allows individuals to convert their traditional IRA to a Roth IRA, regardless of their income level. This type of conversion has become increasingly popular in recent years because of the significant tax benefits that it offers to high earners.

Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into the category of "high net worth individuals"—those who have liquid assets of $1 million or more.1 For many individuals who hope to leave a legacy for their loved ones, estate planning may take on new importance. Here are two estate planning tips every high-net-worth individual should consider.

Defined benefit pension plans may still be an attractive retirement benefit option for small employers. This is especially true for small business owners who have been too busy growing their businesses to plan for their retirement. Because of their late start, they must make up for lost time. A defined benefit plan may be just the ticket.

Working in medicine may be challenging, especially with the strain placed on health care professionals in recent years. Working towards a comfortable early retirement may be a financial goal for some physicians. Here are some suggestions that doctors may use to manage financial independence.

New Year's is traditionally the time to review your life and make resolutions for change. In addition to thinking about working out, eating healthy, and meeting personal and professional goals, you should also think about your finances. To make the most of the New Year, keep the following tips in mind.