Maximizing Your Retirement Income: The Benefits of Roth Conversions
Channel: Make Your Money Matter | with Brad Barrett
Date: 26/11/2023

Taxes can have a significant impact on your retirement income, so it's important to understand strategies that can help lessen your tax burden. One option is to convert your accounts to Roth IRAs. This involves taking money from a tax deferred IRA, paying taxes on that amount at your ordinary income rate, and converting it into a Roth IRA. By doing this, you'll be clear of future taxes on the amount you converted and the money you put in grows tax free for life. Don't miss the opportunity to reduce your tax burden before the end of 2025, when tax rates may be higher. #RetirementPlanning #Taxes #RothIRAs