Quote:
Originally Posted by retiredguy123
You can do a Roth conversion over time, pay the tax, and continue to earn tax free income. And, your heirs will owe no taxes when they inherit the Roth.
|
^ I got this advice a few years ago. I'm still in the years long process to do this (I convert max I can per year to prevent bumping up to a new bracket). I also withdraw/convert enough to pay for the conversion taxes as I go. I still have a few years before I can withdraw without penalty, so now I'm back to contributing more :-). I use a rule of thumb (which isn't really working in the current economic circumstances) that every 100K it goes up, I pull 10K and go on a grand vacation with Mrs. Eldiablojoe.
__________________
Chino 1960's to 1976, Torrance, CA 1976-1983, 87-91, 94-98 / Frederick Co., MD 1983-1987/ Valencia, CA 1991-1994/ Brea, CA 1998-2002/ Dana Point, CA 2002-2019/ Knoxville, TN 2019-Current/ FL 2022-Current
|