Should I convert to a ROTH IRA?

Should I convert to a ROTH IRA?

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Should I convert to a ROTH IRA?

To convert or not to convert… It depends!

Consideration One: What tax rate will you pay to convert?

You can find the 2018 tax tables online to use for a simple calculation. For example, if your married and your income is $80,000 and you want to convert $100,000 of your IRA’s to a ROTH, you would fall into the 24% tax bracket after taking the standard deduction (not accounting for state taxes). Please consult with your tax advisor for more information regarding your personal situation.)

Consideration Two: Will a conversion affect any of my other benefits?

As with any financial decision, I would recommend you consult with an advisor to see what will be best for you to help you achieve your goals and live your dream retirement. There are other ROTH alternatives that may make more sense for you or it may not make sense to convert at all. It is important to consider all factors and not make any financial decision in a vacuum.

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Michelle Bertram and Beverly Bertram are financial advisors living in Mineral Point WI and serving the surrounding communities. Michelle Bertram does financial planning for retirees along with business consulting. Beverly Bertram specializes in retirement planning and income planning for her clients. Michelle Bertram and Beverly Bertram are authors of the book, Creating You DREAM Retirement and creators of the DREAM Retirement Process.
Serving Madison WI, Verona WI, Mount Horeb WI, Barneveld WI, Dodgeville WI, Dubuque IA, Platteville WI, Lancaster WI, Cuba City WI, Fennimore WI, Darlington WI, Monroe WI, Spring Green WI, Black Earth WI and beyond.

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