I saw on the Robinhood website that they do IRA and Roth IRA now, and they have a 1% matching, but it says for the Roth IRA qualification for year 2023:
Anyone with a MAGI (modified adjusted gross income) under $153,000 if filing single or $228,000 if filing jointly
Is it true that if we are afraid the wage will be over the limit of $153,000, then we can first put, say, $3000 (up to $6500) into Traditional IRA, wait 5 to 7 days, and then "roll it over" to Roth IRA and we don't have to worry about the $153,000 limit?
(I just wonder why for our retirements, we have to do the backdoor to "go through the loophole" -- which Fidelity or Charles Schwab said many people are doing it and it is just the way it is -- and it is like our hands and feet tied up just to save some money for retirement?)