Craig Wear explains why IRA millionaires should convert to Roth accounts now. Waiting even one year costs about $66,000 in lost tax savings. Conversions lower Social Security taxes, Medicare surcharges, and let heirs inherit tax-free.
2017.
$66,000 per year.
So imagine the scenario where you began Roth conversions back in 2017 when the tax rates first dropped. So you maybe think you missed the Roth conversion window today, but you didn't. In fact, it just recently reopened. I can't tell you how many IRA millionaires tell me, Craig, I should have started years ago. The truth is, you still have a second chance. Tax laws reset this year with the one big beautiful bill and rates remain historically low. But the window is not going to last forever. Every year you wait is a gift to the IRS. If you're the typical IRA millionaire, every year you wait actually costs you $66,000 of tax savings that you can never get back. So time to do is now. Let me give you a couple of tips. You can still convert strategically. Don't let the myths that you hear on the golf course and in other financial resources persuade you otherwise. Conversions reduce your Social Security tax and your Medicare surcharges once you get through the conversion period and your heirs can inherit tax free wealth instead of you laying a tax burden on them when it might be the peak of their earning years. Also, if you click below, I've got a replay of one of our most popular live webinars for you to kind of learn more about this. Take care. Have a great day.
