Roth IRA
I’m 72, my wife is 70. Can I withdraw from my 401k and deposit in a Roth to avoid the mandatory withdrawals that I’m facing next year when I turn 73?
Terry Says
Nope. First of all, you’ll pay ordinary income taxes when you take money out of your 40lk. But this would be a good year to do a rollover from your old 40lk plan because it has few “safe” investment choices, having been designed for younger workers who can take more risk.
Please read this column: https://www.terrysavage.com/rollover-now/
You can only contribute to a Roth out of “earned income” from work — not investment income.
