Trying to decide if I should convert some of our Traditional IRA to Roth before it's too late. I'm 72 and my RMD's will start next year. My IRA's are:
TIRA-720K
Roth- 75K
Wife is 69 and her IRA's are:
TIRA-105K
RIRA-34K
We are debt free and between our savings, SSA, investments and my pension our taxable income is more than enough for our needs. Considering the state of our economy/national debt I don't see how the tax rates can't be going up in the future. I ran the calculators a while ago and didn't see much of an advantage in converting but now i'm not sure. Only real advantage might be for our son when we pass. Also would there be any impact on our Medicare premiums? State tax rate is currently 5.75.
Appreciate any advice.
TIRA-720K
Roth- 75K
Wife is 69 and her IRA's are:
TIRA-105K
RIRA-34K
We are debt free and between our savings, SSA, investments and my pension our taxable income is more than enough for our needs. Considering the state of our economy/national debt I don't see how the tax rates can't be going up in the future. I ran the calculators a while ago and didn't see much of an advantage in converting but now i'm not sure. Only real advantage might be for our son when we pass. Also would there be any impact on our Medicare premiums? State tax rate is currently 5.75.
Appreciate any advice.
Statistics: Posted by AWCM — Thu Apr 25, 2024 4:40 pm — Replies 6 — Views 201