Roth Conversion: Move Your Retirement Funds To A Roth Account
By: Carla Fried, Benjamin Curry
The more you’ve managed to save in a traditional individual retirement account (IRA) or a traditional 401(k), the more you might want to consider a Roth conversion.
Why a Roth conversion? There are a few good reasons, chief among them managing taxes and RMDs: Withdrawals from Roth accounts in retirement are entirely tax free, and there are zero required minimum distributions (RMDs) once you reach 72.
The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.
Carla Fried is not affiliated with US Wealth Management, LLC and LPL Financial.
Benjamin Curry is not affiliated with US Wealth Management, LLC and LPL Financial.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.