I'm 60 With $1.2 Million in an IRA. Should I Do a Roth Conversion on $120,000 Per Year to Avoid RMDs? (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),Fn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    I'm 60 With $1.2 Million in an IRA. Should I Do a Roth Conversion on $120,000 Per Year to Avoid RMDs? (2024)

    FAQs

    I'm 60 With $1.2 Million in an IRA. Should I Do a Roth Conversion on $120,000 Per Year to Avoid RMDs? ›

    Converting an IRA into a Roth IRA can help you reduce or avoid required minimum distributions (RMDs) later on. Roth IRAs, unlike traditional IRAs and 401(k)s, aren't subject to RMD rules. So by converting your IRA to a Roth, you could avoid having to pay extra income taxes from mandatory IRA withdrawals in retirement.

    Should you convert IRA to Roth to avoid RMD? ›

    A Roth conversion provides you with tax diversification in your retirement years. In addition, Roth IRAs do not have required minimum distributions (RMDs) for the original owner, whereas Traditional IRAs are subject to RMDs beginning in the year you reach age 73.

    When should you not do a Roth conversion? ›

    Who should not consider converting to a Roth IRA?
    1. You're nearing—or in—retirement and need your traditional IRA to cover your living expenses. ...
    2. You're currently receiving Social Security or Medicare benefits. ...
    3. You don't have money to pay the conversion tax or must sell assets that could lead to an additional tax hit.

    Should you convert IRA to Roth after 60? ›

    For taxpayers who anticipate a higher tax rate post-retirement, converting a regular IRA to a Roth IRA after age 60 can help to lower their total tax burden over time. Roth IRA conversions allow earnings to grow tax-free and avoid the need to make required withdrawals that increase post-retirement tax costs.

    Do Roth IRA withdrawals count towards RMD? ›

    The RMD rules apply to all employer sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs. The RMD rules do not apply to Roth IRAs while the owner is alive.

    What is the downside of converting IRA to Roth? ›

    When you convert to a Roth IRA, your taxable income for the year rises. A Roth IRA conversion may not make sense for you if you are in your peak earning years. Recall that when you convert money to a Roth IRA, your taxable income for that year increases, which could bump you into a higher tax bracket.

    At what age does a Roth IRA not make sense? ›

    Even when you're close to retirement or already in retirement, opening this special retirement savings vehicle can still make sense under some circ*mstances. There is no age limit to open a Roth IRA, but there are income and contribution limits that investors should be aware of before funding one.

    Is it good to do a Roth conversion when the market is down? ›

    Roth IRA Conversions When Stocks Are Down

    You'll owe tax on any funds you convert, so a stock market downturn could make a conversion more appealing, as you'll pay tax on less money.

    At what age can you no longer do a Roth conversion? ›

    There's no age limit or income requirement to be able to convert a traditional IRA to a Roth. You must pay taxes on the amount converted, although part of the conversion will be tax-free if you have made nondeductible contributions to your traditional IRA.

    How do you determine if I should do a Roth conversion? ›

    In its simplest form, the decision in favor or against a Roth Conversion can be boiled down to one question: Are you paying a lower tax rate now than you will be in retirement? If yes, there's a good chance that conversions make sense. If not, a conversion likely does not make sense.

    Is it worth converting traditional IRA to Roth IRA? ›

    Typically, you wouldn't convert a traditional IRA to a Roth IRA if your plan is to retire soon and start making withdrawals. Usually, the goal is to allow the funds to grow and compound over time without any tax erosion.

    What is the RMD for $1 million? ›

    If your IRA balance at year-end is $1 million and you're 73 years old, your life expectancy factor is 26.5 according to the IRS. Divide your balance by 26.5 ($1,000,000/26.5), and that equals $37,735.85, which is your RMD amount.

    Is Roth IRA tax-free after 60? ›

    Withdrawing over age 59½

    If you are over age 59½ and have met the five-year rule, withdrawals from a Roth IRA are penalty and tax-free. This includes any earnings in the account in addition to your original contributions.

    At what age is IRA withdrawal tax-free? ›

    Generally, early withdrawal from an Individual Retirement Account (IRA) prior to age 59½ is subject to being included in gross income plus a 10 percent additional tax penalty. There are exceptions to the 10 percent penalty, such as using IRA funds to pay your medical insurance premium after a job loss.

    Do conversions to Roth count as a RMD? ›

    With this "Roth conversion" strategy, you'll pay income tax on the amount you convert, but you'll no longer have to worry about RMDs on that amount, because RMDs are not required during the lifetime of the original account owner in a Roth IRA.

    What is the RMD 10 year rule? ›

    The proposed RMD regulations clarify that designated beneficiaries of account owners that die on or after the RBD must take life expectancy payments for the first nine years, and a total distribution by December 31 of the year containing the 10th anniversary of the account owner's death.

    Should you convert traditional IRA to Roth? ›

    Typically, you wouldn't convert a traditional IRA to a Roth IRA if your plan is to retire soon and start making withdrawals. Usually, the goal is to allow the funds to grow and compound over time without any tax erosion.

    Do Roth conversions affect Medicare premiums? ›

    Roth conversions require you to understand the potential effect it has on your Medicare premiums. When funds are converted, the IRS sees this as income that has come out of the traditional IRA, which can raise your MAGI past a certain level, thereby increasing the premiums you pay for Medicare B and D.

    Can you convert IRA to Roth IRA without paying taxes? ›

    The point of a Roth IRA is that it's already taxed money that grows tax-free. So, to convert your traditional IRA to a Roth IRA you'll have to pay ordinary income taxes on your traditional IRA contributions in the year of the conversion before they “count” as Roth IRA funds.

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