Is a Roth Conversion Worth It If You’re Close To Retirement?

"I'm 60, probably retiring in 5-6 years, and I just learned about Roth conversions. Is this something I should be doing?" This is a listener question we hear a lot, and the honest answer is: it depends.

Phil digs into what it actually depends on. Roth conversions aren't right for everyone, and they're not wrong for everyone either. The only way to know is to run the numbers on your specific situation, not someone else's.

Here’s some of what we discuss in this episode:

📈 Future RMDs: How larger balances can create bigger taxable distributions later

🚫 Tax-Free Myth: Why Roth conversions still require paying taxes somewhere

👤 Widow’s Penalty: How a surviving spouse can face higher tax brackets

🏥 Medicare Impact: Why higher income can affect IRMAA premiums

👨‍👩‍👧 Beneficiary Taxes: What inherited traditional IRAs can mean for heirs

💵 Paying the Tax: Why outside funds can improve conversion efficiency

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96

Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome