Quote:
Originally Posted by retiredguy123
I have done the math several times for a Roth conversion, and I have decided that it is not a good idea.
The only good argument I have heard in favor of a Roth conversion was from a guy who wanted to leave money to his children free of taxes and the hassle associated with withdrawing money from a traditional IRA and paying taxes on it. That made sense to me.
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It's all dependent on the size of the IRA amount you plan to convert.
It also depends on your age and your view of the future for taxes and longevity.
For some it's an easy decision to not convert. For others, it's an easy decision to convert.
Find a fee-based advisor for a 2nd opinion AFTER reading books on the topic, and AFTER you understand the pros and cons.
As I wrote previously, it's not for everyone.
For US, it worked out well as we had both IRAs large enough that made sense, AND had savings in an account to pay the required estimated taxes.
This requires you to read and understand all aspects of the process.