We're 50 with $1 million in a IRA and want to convert it to a Roth - should we do it now or wait until 65?
Briefly

from 24/7 Wall St.2 months ago
"Conventional wisdom suggests waiting until the age of 65 to 70 to take advantage of the lower tax bracket. However, the poster found recommendations advocating for conversions within their current 24% tax bracket."
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/18/were-50-with-1-million-in-a-ira-and-want-to-convert-it-to-a-roth-should-we-do-it-now-or-wait-until-65/
"As you approach retirement, decisions about tax-efficient strategies suddenly become very important. Understanding tax implications can help you navigate critical decisions.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/18/were-50-with-1-million-in-a-ira-and-want-to-convert-it-to-a-roth-should-we-do-it-now-or-wait-until-65/
"Most Roth conversion tools emphasize maximizing estate value, which considers how tax-efficient your assets will be when your heirs inherit. Converting now can reduce the tax burden on your beneficiaries."
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/18/were-50-with-1-million-in-a-ira-and-want-to-convert-it-to-a-roth-should-we-do-it-now-or-wait-until-65/
"You have to consider that future taxes may be more than 24%, even after retirement. Converting to Roth accounts now may protect you from potential tax hikes."
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/18/were-50-with-1-million-in-a-ira-and-want-to-convert-it-to-a-roth-should-we-do-it-now-or-wait-until-65/
Read at 24/7 Wall St.
#roth-conversions #tax-strategy #retirement-planning #ira #estate-planning
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