Roth IRA Question re Conversion
I am 64 years old with $1m in my 401k. I plan to work until at least 72 and take social security as late as possible. I hope to have about $2m in my 401k by retirement. i hear things about roth IRAs and moving money over time into them from a retirement plan to minimize taxes on it over time rather than moving all into a Roth at one time. I’d love your thoughts on this.
Terry Says
It’s a strategy that can work to reduce your required minimum distributions later in life. And if large enough those distributions could impact not only your income tax bracket but your Medicare Part B and D premiums.
The time to do that is now, before your income is considered for Medicare premiums. But there are other long-run considerations.
So, first read this article: https://www.terrysavage.com/roth-conversions-2/
Then go to MaxifiPlanner to do the actual work — OR be connected with a trusted advisor who will guide you through the decision-making process. This should not be a matter of guesswork. It is a multi-faceted decision, different based on your circumstances.
https://www.maxifi.com/
