Old Age IRA Withdrawals
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Business & Economics
I'm 65 with $400K in an IRA — I plan to keep working but taxes worry me. Should I convert to a Roth IRA?
64% Informative
At 65 , you’re inching closer to the required minimum distributions (RMDs) that are enforced with your traditional IRA, which start at age 73 .
Roth IRAs have no RMDs, which means you're not forced to make annual withdrawals and that money can continue to grow in the account.
With a Roth IRA, the money grows tax-deferred and you pay ordinary income taxes when you take the money out.
That can be a problem if those withdrawals push you into a higher tax bracket.
A partial Roth conversion can make sense if you expect to be in a higher tax bracket later.
It’s also a smart move if you plan to leave money to heirs, since Roth IRAs pass on tax-free.
As always, a financial advisor or tax planner can help you figure out the right conversion strategy based on your goals, income and timeline.
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