Roth IRA
If my accountant and I decide it is in my best interest to change my regular IRA to a Roth for inheritance purposes what would keep the government from changing the rules for a Roth as they did for the regular IRA ?
Terry Says
They didn’t change the rules for the regular IRA, not as far as I know. They actually adjusted the start time for RMDs from traditional IRAs, as longevity increased — a benefit for savers. And, of course, over the years they have increased the allowable contributions.
But you have no guarantee that the government won’t change its mind about anything. They initially said SS would be tax free. It’s not, if you’re a higher earner. And they said Muni bond interest would be tax-free, but it is counted inthe income formula for SS.
As Mark Twain once said: “No man’s life, liberty, or property are safe while the legislature is in session.”
