Roth IRA Conversion

Why choose a Roth IRA ?

A Roth IRA can be a great place to stash your retirement savings. Unlike a traditional IRA, you won't have to pay income tax on the money you withdraw or be required to take a minimum amount from your account each year after you reach a certain age.

What is a Roth Conversion ?

Through a form, funds or values are transferred from a Traditional, SEP or SIMPLE to a Roth IRA. Taxes are withheld upon your current level. Funds are not required to be sold. A newly opened Roth IRA has to be opened for 5 years to benefit the owner. Strategy should be discussed individually to make sure it matches your objectives as taxation levels and liquidity needs vary for each client or investor. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. Please consult your financial professional before deciding on a conversion.

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