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Markets · Investing · Business
Finance
The Best Time to Do a Roth Conversion May Surprise You
If you stick to this strategy, you can enjoy more of the benefit and minimize the tax bite.
If you've spent most of your working life saving in a traditional IRA or 401(k), retirement can introduce a new kind of tax problem -- what you didn't pay the IRS earlier, you eventually have to pay later. In fact, even if you're able to manage your retirement expenses on Social Security and don't need to tap your savings, with a traditional IRA or 401(k), you don't get a choice.
Once you turn 73 or 75, depending on your year of birth, you'll be forced to take required minimum distributions (RMDs) from a traditional retirement account. Those forced withdrawals could drive up your taxes and have other unwanted consequences.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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