Should you make a Roth IRA conversion in 2022? Here are 4 questions to consider before making a strategic Roth IRA conversion before year-end.
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0:00 – Should you consider a Roth conversion?
1:18 – Will your taxes be lower in retirement?
2:20 – Can you pay the tax bill?
2:41 – Will you need the money within 5 years?
3:46 – Are your beneficiaries in a lower tax bracket?
4:33 – Should you convert this year?
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— About Patrick King CFP® —
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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I just retired at the age of 55 and I am considering rolling over my 403B to a new IRA.
1) Are there any penalties incurred, at age 55, if I do Roth conversions from this new non-work sponsored plan?
2) Are there penalties if I do other distributions (withdrawals) from this new IRA?
3) Would staying in my 403B allow me to do distributions (withdrawals) penalty free at age 55?
I love your videos and I look forward to any information and references to your past posts regarding my questions. Thanks
Started Roth at 30yr .<Retiring from public services made me realise that I had no means to passive income and in 5 years I had only moved around in circles financially I needed to make investments immediately desperate retirement and that led me to this looking for ways out. I feel very accomplished every time I remember my journey and how I have been able to grow my Investment to a return of over 200% in less than 6 months. Mind-blowing experience really
This is our plan this year. One of the smartest things to do (if you can) while the market is down!
The 5 year rule on ROTH accounts can be confusing. I'm tempted as I have been doing conversions as well as adding to my ROTH to consider that the new contribution will be subject to a 5 year period before earnings will be tax free. The rule for the 5 year exemption is NOT on when you make the investment, it's whether the account has been opened for at least 5 years! That's quite a different thing when you're considering possible tax implications!
Good information. I have been doing Roth conversions for 5 years .When I started RMD age was 70. Now it is 72. I filled up my tax bracket of 22% and 12% with Roth conversions this year because of the market down turn. When myself or the spouse leave this world the survivor's marginal tax bracket will be 22%. I still have more money in my regular IRA. But starting next year when I turn 70 1/2 I can use the QCD rule to pay for my church giving tax free. That should satisfy my RMD when I turn 72. If I don't need the money I can use the money from my pension and SS I had been using for charity and put it into my non retirement brokerage account and reinvest it. For my heirs because of step up basis they get it tax free. Close to the benefit of an inherited Roth IRA which has to be emptied in 10 years.
All unique exceptions aside, “generally speaking “is it beneficial to do Roth conversions in a market down year?
One key factor for me to withhold ROTH IRA conversion was my daughter's college in 2023. If I did convert my AGI in 2022 would be much higher and would impact college grants.