Reported 7 days ago
At age 64, converting your $650,000 IRA to a Roth IRA can help mitigate retirement taxes and avoid required minimum distributions (RMDs). While a direct conversion would incur high taxes, a gradual approach allows you to manage taxable income within your current tax bracket and can benefit estate planning by passing tax-free assets to heirs. Consulting a financial advisor is essential to tailor a strategy that maximizes benefits while considering personal tax circumstances and future implications.
Source: YAHOO