Reported about 1 month ago
As individuals approach retirement, the decision to switch to Roth contributions or convert existing savings into Roth accounts becomes crucial, especially for a couple in their early 60s with $1.6 million in 401(k)s. While Roth accounts can lead to tax-free withdrawals in retirement, they require paying taxes upfront. The optimal choice largely depends on anticipated tax rates in retirement compared to current rates. Evaluating options with a financial advisor is recommended to determine the best strategy for retirement savings.
Source: YAHOO