Roth IRA conversion?
My wife and I are both retired (70 and 75 years old). We have 1 million in an IRA. Should we start converting to a Roth IRA ? Is it wise at this point in our lives ? Thank you.
Terry Says
I cant see why you would do that. First, it’s impossible to say “we” have $1 million in an IRA! It’s an INDIVIDUAL account!
Is it in your name? If so, you should already be taking Required Minimum Withdrawals each year. That’s taxable income on top of your Social Security and other income.
Just make sure — if it’s YOUR IRA — that you have named your spouse as the beneficiary of your account. Then take RMDs as scheduled, and more if needed.
A conversion requires you to pay tax immediately, could bump you into a higher tax bracket and increase Medicare Part B premiums. Stay put!
