MARK KOHLERMain Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, Main Street Professionals, LLC · Owner at Main Street Professionals, LLC

Can I Convert a Traditional IRA to a ROTH IRA? Even when retired? | Gone in 60 Seconds |

13 Feb 2021 · 1 min

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Mark Kohler explains that retirees can convert a Traditional IRA to a Roth at any age, even on Social Security alone. He recommends spreading conversions over multiple years, like $10,000 annually, to minimize taxes. Inherited Roths grow tax-free for heirs, making the upfront tax cost worth it.

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Mom is retired, has a traditional ira, can she convert to a Roth? Only has Social Security income? Absolutely. Anybody at any age can convert to a Roth. Do the math, find out how much the tax bill will be. And a lot of times I do chunking. Maybe only convert 10,000 a year. If she goes into a higher bracket, don't convert as much. So you want to find the sweet spot for the conversion. Converting her to a Roth is great. And Dr. I'm going to tell you, you're going to inherit Mom's Roth if she doesn't use it. And inherited Roth is awesome. So even if you have to help mom pay the tax.