This content was created by Craig Wear, CFP®. This content was uploaded by Craig Wear, CFP®. This is a YouTube video titled "Maximize Your Retirement Savings" featuring Craig Wear, CFP® discussing strategies for managing retirement accounts, specifically focusing on Roth IRA conversions to avoid future required minimum distributions.
If you're nearing retirement, you really want to limit your new contributions to a Roth IRA and instead begin doing aggressive, accelerated conversions of your existing IRA money to the Roth. The reason you want to lower that IRA or 401 balance in favor of a Roth is to get away and get ahead of, I should say, the required minimum distributions that are going to start happening when you're 73 years old. Those RMDs, whether you believe it right now or not, if you have a million or more in your IRA, those RMDs are going to end up causing you a lot of headache and a lot of pain.
