Does it make sense to convert my 401k & IRA to a Roth IRA while still working?

Scott Sierens, CFP® | The Max Retirement Show

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3.3万回視聴・ 630いいね・ 2023/07/10

Does it make sense to convert my 401k & IRA to a Roth IRA while still working?

If you’ve been saving the majority of your money into a 401k or an IRA while you’ve been working, you’ll soon have the realization that none of that money has been taxed yet. That’s why we frequently get asked whether it’s a good idea to use a Roth conversion while still working to move some or all of that money into a Roth IRA.

The decisions you make today could potentially save or cost you hundreds or thousands of dollars in retirement and a Roth conversion is one of those strategies that could have a significant impact. Helping people determine if it makes sense to convert their 401k to a Roth IRA while still working is a common exercise we go through with our clients. So, we’ll take you inside some of those conversations to help you understand how to come to that decision for yourself if you should convert to Roth IRA.

Plus, Scott will share an example that might often surprise people, but it will illustrate the importance of tax planning now.

#rothconversion #retirementplanning #taxplanning

Here's what we cover in this financial video:
0:00 – Intro
1:32 – Introducing our hypothetical couple
2:40 – What is your taxable income today vs future?
5:28 – Factor 1: You think tax rates are going to stay the same
6:32 – Factor 2: Will tax rates go up or down?
10:04 – Factor 3: Will Congress let current tax rates expire after 2025?
13:57 – Factor 4: The Widow’s Tax

FREE Guide to Unlocking Hidden Tax Opportunities: lifemoneyshow.com/taxes

Want to learn more about financial and retirement planning? ➟ bit.ly/3tcS3vn

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