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You know what’s interesting?
A surprising number of retirees think Roth conversions are something you were supposed to do in your 40s.
Like braces.
Or buying Apple stock in 2003.
Or remembering your kid’s middle school band concert.
Once retirement starts, they assume the opportunity is gone.
But in reality…
For some retirees, the best Roth conversion opportunities don’t show up until after they stop working.
Especially during those early retirement years before:
RMDs start
Social Security fully ramps up
Or Medicare premium surcharges (IRMAA) start getting ugly
I’ve seen retirees spend 30–40 years building large traditional IRAs and 401(k)s…
Then accidentally create a future tax problem they never saw coming.
Because eventually, those tax-deferred accounts become taxable income machines.
And that income can affect:
Your tax bracket
Medicare premiums
Taxation of Social Security
Survivor tax issues for a spouse
And what your kids inherit someday
That’s why the “Should I do a Roth conversion?” question becomes a lot more nuanced in retirement.
Sometimes the answer is:
“Absolutely.”
“Maybe partially.”
“Not this year.”
Or even “Probably not.”
And that’s okay.
Because Roth conversions are not an all-or-nothing strategy.
Sometimes the smartest move is converting just enough each year to stay within a certain tax bracket or avoid triggering higher Medicare premiums.
Other times, it makes sense to leave things alone entirely.
The key is understanding the tradeoffs before making a big move.
That’s why I like flowcharts.
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Seriously.
Retirement planning is complicated enough already. Sometimes you just want someone to help you sort through:
“If this happens… then what?”
So I put together a simple Roth conversion flowchart that walks through questions like:
Will you need the money soon?
Are you likely to be in a higher tax bracket later?
Could IRMAA become an issue?
Do you have outside cash to pay the taxes?
Are your beneficiaries likely to inherit a large taxable IRA someday?
It’s designed specifically for people nearing retirement or already retired who want to make smarter tax decisions with their retirement accounts.
Download the “Should I Consider Doing a Roth Conversion?” flowchart here:
Talk soon.
-Nate
P.S. One of the biggest retirement mistakes I see is people assuming tax planning stops once the paycheck stops.
In many cases… that’s when the real planning starts.
Nate Lewis CFP® EA Lewis Wealth Management Group |
Lewis Wealth Management Group offers Investment advice through Belpointe Asset Management, LLC, 500 Damonte Ranch, Parkway Building 700, Unit 700, Reno, NV 89521 (“Belpointe”). Belpointe is an investment adviser registered with the Securities and Exchange Commission (“SEC”). Registration with the SEC should not be construed to imply that the SEC has approved or endorsed qualifications or the services Belpointe offers, or that or its personnel possess a particular level of skill, expertise or training. Insurance products are offered through Belpointe Insurance, LLC or Belpointe Specialty Insurance, LLC. Important information and disclosures related to Belpointe are available at http://www.belpointewealth.com/disclosure/. Additional information pertaining to Lewis Wealth Management Group and/or Belpointe’s registration status, its business operations, services and fees and its current written disclosure statement is available on the SEC’s Investment Adviser public website at https://www.adviserinfo.sec.gov/. |