Should I rollover my retirement account dollars to a Roth account?
I’m 65yrs old retired IL state government employee earning a pension and collecting Social Security benefits since the age of 62. I felt at the time my health was declining, had numerous health issues, my one of my arms amputated due to illness and could no longer work in perform the job functions. I retired in 2021 at the age of 62. I have not touched the dollars I have in my IL state government retirement account as it was earning retirement dollars. Should I consider rolling this over to a ROTH? Would I do better investing my dollars another way.
I do have to pay some of my social security benefits back since I make get over the 85%. Don’t know what is best to do with my retirement account. I will begin to loose $$ as interest rate drop.
Terry Says
You need more personalized advice that I can give you in a blog post. That’s why I urge you to read this article: https://www.terrysavage.com/pam-krueger-wealthramp/
Pam will match you with a fee-only fiduciary financial advisor — someone you can fully trust. Then, you can discuss the entire picture, including how to best create a stream of income for your lifetime.
Some things to consider. I assume yu are currently getting SSDI — disability insurance. But then you confuse me with your reference to earning enough money to make your SS taxable, so are those early retirement benefits?
And are you aware that since you also have a government pension, your ultimate SS benefits may be reduced, and previously-paid benefits may be “clawed back”?
I urge you to seek comprehensive financial planning advice now — and not wait any longer. And the only source I recommend is Wealthramp, described in the article.
