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How to maximize the benefits of converting a traditional IRA to a Roth IRA

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With a Roth conversion, you can move funds from a traditional IRA to a Roth IRA and pay income taxes on the amount converted.

A Roth conversion comes with costs, limits and risks and may not be optimal for everyone.

A recent Schwab retirement planning report recommends three tactics to reduce your Roth conversion tax bill.

If you’re under 59.5 , pulling money from an IRA is considered an early withdrawal.

You may want to consider working with a financial advisor to project your retirement income and tax rates.

An emergency fund should be liquid -- in an account that isn't at risk of significant fluctuation like the stock market.