Retirement
My wife and I own our house(no mortgage), have no outstanding debt and cash in the bank. We have S-IRA accounts through work with American Funds among other S-IRA accounts that we have through Wells Fargo(around $200,000 in stocks and bonds self directed with Wells Fargo). Should we change our Wells Fargo S-IRA to a Roth IRA? If so, how do we do it? I am 631/2 my wife is 63.
Terry Says
In order to convert to a Roth IRA, you must have money OUTSIDE the account to pay all the taxes now! that’s not always a smart move. And it must be done in context of your entire financial plan, retirement plan and goals.
My suggestion is to use this link at my website to learn about finding a fee-only FIDUCIARY financial advisor at Wealthramp.
That could give you a much better perspective on the wisdom of this move.
