Quote:
Originally Posted by Boilerman
I don’t think people with lots of money have any less aversion to paying taxes as those who don’t. IRMAA can be permanent, not just transitory in some situations. But Roth conversions can, done properly, give you control over future RMDs and taxable income so one can avoid IRMAA and other consequences of having higher taxable income.
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The guy who wrote the post I am quoting here gets my vote.
Btw, I have said it before and I will say it again……
I don’t care how many commas you have in your total IRA amount, it could be well worth taking the time to look into converting to Roth…….
especially when you are in what can be a very sweet spot after retiring, when your earned income goes down, but before RMD age.
Generic financial advice cannot apply in this one.
And — another thing — speaking of generic advice — that thing about waiting to take SS until full SS age is also generic advice. There are many different scenarios where that tedious mantra should not apply because taking the money and running at 62 could make a lot more sense in a variety of circumstances — including being able to stay out of tax-deferred accounts longer.
Why in the heck do people think financial advice should be one-size-fits-all.
Boomer