Roth conversion
Is 70 too old to do conversions? I have almost half in roth half in ira now, about a million in each. thank You
Terry Says
That is something you should discuss with your trusted, fee-only fiduciary financial planner.
(Find one here).
This goes beyond tax implications to other issues such as the possibility of increased Medicare premiums. And a balanced approach may be better, since you’ll probably have to take some money out every year to live on. You can use the RMD from your traditional IRA for that purpose.
There is nothing magical about a Roth IRA — which requires you to pay taxes upfront — and does have the consequences mentioned above.
