In this video, Colin Exelby, CFP® explains the five most common conversion mistakes so you don’t make them. Learn in detail, five ways investors, financial advisors, and CPAs have made mistakes so that you can take full advantage of Roth conversions.
A Roth conversion is a strategy where you move Traditional, SEP, or Rollover IRA funds into a Roth IRA for tax-free future growth. Anyone can do it, no matter your age or your income limit. So the younger you are when you do it, potentially the larger the benefit. They’re even more powerful when converted in a down market. Watch this video to learn why.
TIME STAMPS :
00:00 Roth IRAs
00:35 5 Most Common Conversion Mistakes
01:22 The Pro-Rata Rule
04:39 Not converting enough assets while young
07:20 Forgetting about the IRMAA penalty
08:31 Converting the entire IRA in a single year
09:20 The 5 year rule
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[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.
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Thank you for the IRMAA Insite. I was planning to do conversions between retirement at 55 and 65 before social security and Medicare. It now appears that I need to get it done prior to 63. Thank you!
very helpful
When you take money out of a Roth, how is it determined what those dollars were? Meaning, were those contribution dollars from long ago, or recent growth dollars, or conversion dollars? Is it first in, first out, or last in first out? That's confusing to me.
I just turned 60, was planning to Retire Soon? BooM the Economy Crashes into Recession and High Inflation ! I guess I will keep working another yr or 2?.