Craig Wear, a CFP, explains when Roth conversions make sense and warns that people with large IRA balances need aggressive planning to avoid costly mistakes. Those with modest balances should still consider conversions, but with less urgency.
Whether you're an IRA millionaire or not, it's important that you consider what can happen to the good side for you if you get this done. If you have a more modest balance, then it's probably not as critical that you do it fast and aggressive, like we do with folks that have have saved significant amounts of money. But it's still important to consider at any level whether or not it makes sense for you or not. I just know that if you are what I call that IRA millionaire, that chances are pretty high that you're leaving a lot of money on the table if you do not get this right.
