Is it too late to convert to a Roth?
My wife and I are 70 years old. We’ve paid off everything, including the house. Between my pension of $29,000 and Social Security, we’re getting a gross of $99,000 a year in income, which is more than enough. Our current savings in our brokerage account are $700,000. Our individual retirement account (IRA) totals $1.4 million. Our Roth is worth $400,000. We both anticipate living to age 90. At our age, is it too late to do a Roth conversation?
5 Things Taxpayers Get Wrong When Itemizing Deductions
Background Everyone is interested in lowering their taxable income. The desire to personally pay less might be one of the few views consistently shared across all political party lines. […]Read More
Midyear Tax Planning for Financial Advisors
There is a fantastic opportunity for advisors to add value for their clients by checking in midyear and reviewing a pay stub to make sure their clients are on track.Read More
Ask an Advisor: I’m in the Highest Tax Bracket and ‘Plan to Be There Moving Forward.’ Should I Do a Roth Conversion?
If you ask some financial professionals, the answer to this question might be a resounding no, and the discussion would be over. But there are arguments for doing Roth conversions, even if you are in the highest tax bracket.Read More
The information on this site is for education only and should not be considered tax advice. Retirement Tax Services is not affiliated with Shilanski & Associates, Jarvis Financial Services or any other financial services firms.
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