Roth IRA Conversions

ROTH IRA Conversion?

This is a very interesting topic, especially today. Many agents and brokers are promoting the ROTH conversion idea as of late. But many are also failing to explain that when you convert your IRA to a Roth IRA, you must pay all the taxes. Therefore, you no longer have the tax deferral, triple compounding benefits. Sure, it may be the right move for you if you are already in the 35% tax bracket when in 2011 it is scheduled to rise to 39.5%. But most of us are not. If you are not in the 35% tax bracket this year, the conversion of your IRA can put you there.

For example, if you are married, and filing jointly and make $137,300 annually you are in the 25% tax bracket. If you have an IRA worth $250,000 and you are under the impression that converting your IRA now is the right move….. Keep in mind that you will be taxed at a 35% tax bracket on all your income: $137,300 + $250,000 = $387,300. The approximate tax bill based on this scenario will be $135,555.

There is the right time to do this and there is the very wrong time to do this. The only way to really know is to consult with a professional or learn as much as you can, so that you become the expert. Your financial needs and goals can be met if you take the time to understand what your goals are and the appropriate steps to get there.

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2011: We can only speculate!

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We promote “Individual Empowerment Through Education” Understand the facts and only work with people you can trust! If your broker is not offering these types of products and you are interested, please contact us. Your broker needs to be educated as well. Please share your thoughts with us by emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it , commenting on our blog postings www.learnhowtoretire.com/blog or contact us at 1-800-790-7791.

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