Quote:
Originally Posted by retiredguy123
One advantage to keeping your money in a traditional IRA is that, if you move into an assisted living facility or a nursing home, you can spend the IRA money and take advantage of huge medical tax deductions. In the case of a nursing home, 100 percent of the cost is tax deductible. With an assisted living facility, the tax deductible percentage can be as much as about 60 percent.
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True. And the other benefit of having money in a traditional IRA is to take advantage of QCDs (qualified charitable deductions). Everyone’s situation is different, but for us, the advantages of a Roth far outweigh these 2 advantages of a traditional IRA. We are doing Roth conversions.