Reported about 18 hours ago
At 65, with $400,000 in a traditional IRA, the impending required minimum distributions (RMDs) and tax implications can prompt consideration of converting to a Roth IRA. This conversion allows for tax-free growth and withdrawals, but a full conversion could result in significantly higher taxes in one year. Many opt for a partial Roth conversion over several years to manage tax brackets effectively, ultimately reducing their traditional IRA size and providing tax-free assets for heirs. Consulting a financial advisor for a tailored strategy is advisable.
Source: YAHOO