Reported about 2 months ago
At 62, with a $1.5 million traditional IRA, converting $150,000 yearly to a Roth IRA may be beneficial for avoiding required minimum distributions (RMDs) and managing tax liabilities. Although taxes must be paid on the converted amount, this strategic approach could result in lower overall lifetime taxes by minimizing future RMD impacts. It's essential to consult a financial advisor for personalized planning regarding gradual conversions and tax implications.
Source: YAHOO