Craig Wear explains four reasons to convert a traditional IRA to a Roth: tax-free retirement income, locking in today's tax rates before they rise, no required withdrawals at 73, and tax-free money for heirs. Not for everyone, but valuable if you have a large IRA balance.
Are you thinking about converting to a Roth ira? Well, here's why people do it. Number one, tax free income in retirement. Yeah, really, you can get there. Future proofing, Paying taxes now to avoid an onslaught of taxes later. Number three, no RMDs. I mean, the IRS doesn't force withdrawals from Roths. Number four, tax free inheritance for your kids or your beneficiaries. Look, each reason alone is strong, but combined, they're even more powerful. Roth conversions aren't for everyone, but if you want more control and less taxes, it's worth a look, Especially if you're an IRA millionaire.
