The Detroit News. I am interested in your opinion of my retirement strategy. I currently have four separate Roth IRAs. On the whole, I have no problem with your strategy.
Nothing can be further from the truth.
In addition, when you convert your existing IRAs into Roth IRAs, the taxes on that conversion are due that year. A few years ago when Roth IRAs first became available, you could spread the tax consequences out over four years. If you can take advantage of a Roth IRA, either by converting the existing retirement accounts or if you qualify for new contributions, it is something you definitely should explore. Rick Bloom is a Farmington Hills attorney, certified public accountant, fee-based financial adviser and money manager. He cannot send individual replies.