How Old is Too Old...for a Roth Conversion?
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- Опубликовано: 12 сен 2024
- Taxes are set to increase in 2026. And even though it may not feel like it, we are living in a historically low tax rate.
In this video, @Jordan with @WFSTA and @erinkennedy talk through the pros and cons of a Roth Conversion for someone in their 70's.
First, the pros: if you convert your IRA to a Roth IRA, you and your beneficiaries will have tax-free withdrawals, all future growth will happen tax-free, and you'll have no Required Minimum Distributions, which means you have better control your tax liability.
But before you convert, you should also consider the cons: when you convert, you will pay all those taxes upfront, which could mean a big tax bill in April. And even though we are living in a historically low tax rate, there is uncertainty over future tax rates: they could go higher, they could go lower.
If you are in your 70's and considering a Roth Conversion, please give Jordan a call to see if it makes sense as part of your financial plan. Give him a call at 847.499.3454 or visit www.WFSTA.com
#WealthManagement #RothConversion #IRA #Retirement #GenerationalWealth #Taxes
Thank you. Appreciative of the straightforward upfront advice strategy.
@@rachelairth1704 my pleasure, I enjoy providing financial leadership
Jordan's high level breakdown of Roth conversion helped me to see the end goal. Not to get lost in the weeds. Thank you, Jordan!
@@JoeyPonce-n3i keeping the complex simple is my goal
Thank you for the insight, very helpful!
@@MiguelShands so glad it helped you
Sound advice. I enjoyed the video. Practical advice.
@@RayPeterson-t3u I am glad you enjoyed the video
I've always known that me and money don't speak the same language. You may be hearing from me.
If you are living in Kentucky, you don't have state taxes on IRA withdraws up to $31,000 (2024). So you can transfer to a ROTH up to that amount state tax free.
@@practicalshooter6517 I don’t have any clients in Kentucky but in IL as of now they don’t take IRA withdrawals/conversions so we are doing a lot of conversions next two years.
As for Iowa, they do not tax retirement income, including Roth conversions, for individuals who are 55 or older.
68 yrs.old. Retired 550.000 in 401k can i convert 50.000 into a roth ira. Are is it to late for me. Live in Illinois .
Until I know your long term goals I can’t say for for sure, but it’s definitely not too late you may be in a perfect time to do a Roth conversion