Taxes
I am 78 w/ ~ 1.5 M combined in savings, stocks, IRA and a Roth. I live on Social Security and a pension. Would like to discuss with a person on how to transfer more from my IRA to my Roth while staying within my current tax status. Who can I talk to that will provide information/support on tax and investment strategy?
Terry Says
Well, first, let me ask why you want to transfer to a Roth IRA. You’ll pay taxes, and you appear to understand that it could not only move you into a higher tax bracket, but also increase your Medicare Part B and D premiums. And if you don’t need the money to live on, why make that move? You already take an RMD each year.
I’m sure you’ve named a beneficiary for that traditional IRA. So, if you can write back and explain your thinking on converting to a Roth, I’ll point you in the right direction.
