Quote:
Originally Posted by UteChief
Curious what people think of ROTH conversions, I’m not sure it’s advisable in most situations, but would like to be “convinced” just for discussion.
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i think it makes a lot of sense in certain situations.
it makes sense to convert when the market is down, to me anyway.
You can also do partial conversions over time...
I think if you have X years remaining BEFORE you retire, then we can take a look at X and see if it makes sense.
The higher X is, the more it would probably make sense.
The other thing you can do is just stop contributing to your traditional IRA and let it ride, and then ONLY contribute to a ROTH from here on out. (you CAN have both and its not all or nothing) You have until April 15 to contribute to 2023, and then you can still contribute to 2024 till next april. So if you haven't maxed it out yet, you can still put two years worth in right now.
For whatever it is worth, I did a conversion.. So I literally put my money where my mouth is on this one. Ive probably got 15-20 years left (hopefully) of max contributions so I just decided to do it and not look back.