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Retirement Planning Question – Convert to Roth IRA

 

Q: Does it make sense for a 90 year old to convert $150,000 in traditional IRA to a ROTH IRA (existing)? He has sufficient income from other sources to live on and does not need money in IRA or Roth to live on. He is looking to save on taxes going forward.

A: On the surface this seems to make perfect sense. The 90 year old will pay taxes today and leave the money in a Roth for the rest of their life not to be taxed. Also, the beneficiaries of the Roth IRA can take the minimum withdrawals over their life – stretching out the Roth for a very long time without paying taxes. Please consult your CPA or Tax advisor before making any decision but I do think you are on the right track!


 

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