I have been working with a married couple for a few years. They are both employed with 401Ks at their jobs that they are maxing out. I manage a few IRA's for them that were 401K rollovers from previous employers. The wife jsut got a promotion and depending on performance she can make anywhere from $500,000 to $890,000 this year. In the past few years they have not contributed to their IRA's because they would receive no tax benefits. I have tried to stress the importance of starting ROTH iras for tax free retirement income. But maxing out a Roth is barely a drop in the bucket given their income. Any suggestions? I know we could put the money in a joint account but I would like to find something that is more tax efficient.
I appreciate any suggestions.