Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

Maximize Your Tax Savings with Roth Conversions

12 Jun 2024 · 1 min

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Craig Wear, CFP® advises that retirees—especially IRA millionaires—should consider doing Roth conversions over a shorter period and even in a higher tax bracket than their current one. Although this means paying more tax in the near term, properly executed conversions can eliminate large cumulative required minimum distributions (RMDs) and potentially save millions of dollars in lifetime income taxes.

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The right game plan is probably to convert at a higher tax bracket than you're currently in over a shorter period of time than you would probably think that you should. And you'll end up paying a lot more tax in the next few years. But if you do it right, and if you're an IRA millionaire, you literally will save millions of dollars of income taxes because you took away all those millions of dollars of required, of cumulative, required minimum distributions over your lifetime.