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Would a Roth Conversion improve my tax efficiency? What happens if I run out of income before I run out of life? Will my spouse be ok? In this study, we’ll take a look at being 61 and working with $3,000,000 in your 401(k). Should you convert to a Roth IRA?

0:24 Introduction
1:25 Disclaimer
2:04 Case Study
2:21 Plan for Everything
2:50 Current Situation
4:07 Roth Conversions
7:13 Income Now & Income at 65
8:48 Income at 70
9:10 Impact of RMDs
11:44 401(k) vs Roth IRA
16:18 Tax Brackets
18:06 Starting Distribution Tax
20:09 How Much to Convert
21:26 Net Investment Income Tax
22:15 Medicare Part B & D
23:31 Conclusion

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As you approach retirement age, there are many financial decisions that you need to make to ensure you have enough money to live comfortably in your golden years. One such decision is whether or not to convert your traditional 401(k) to a Roth IRA. This is especially true if you have a substantial amount in your 401(k) and are already 61 years old.

A Roth IRA is a tax-free retirement account that allows you to withdraw your money tax-free in retirement. On the other hand, a traditional 401(k) is a tax-deferred retirement account where you pay taxes on the money when you withdraw it in retirement. You may be asking yourself, why would I want to pay taxes on my retirement savings now instead of waiting until I retire?

One reason is that taxes may be lower now than they will be in retirement. Additionally, if you have a substantial amount in your traditional 401(k), the required minimum distributions (RMDs) may push you into a higher tax bracket in retirement, increasing your tax burden.

Now, back to the question at hand: should you convert your 401(k) to a Roth IRA? The answer is: it depends. Converting to a Roth IRA can be a great strategy for some people, but it may not be the best choice for everyone.

Here are some factors to consider when deciding whether or not to convert:

1. Current tax rate: If you are in a high tax bracket now, it may not make sense to convert to a Roth IRA. You may be better off waiting until your income decreases in retirement, and your tax rate is lower.

2. Time horizon: The longer you have until retirement, the more time your money has to grow tax-free in a Roth IRA. If you are planning to retire in the next few years, the benefits of converting may be limited.

3. Other sources of income: If you have other sources of retirement income, such as Social Security or a pension, you may have more flexibility to convert to a Roth IRA. On the other hand, if your 401(k) is your primary source of retirement income, you may want to be more conservative.

4. Estate planning: If you plan to leave an inheritance to your heirs, a Roth IRA can be a great way to pass on tax-free money. However, a traditional 401(k) can also be used for estate planning purposes, so this factor may not be the deciding factor.

Ultimately, the decision to convert to a Roth IRA is a personal one that depends on your individual circumstances. It is important to consult with a financial advisor to discuss your options and weigh the pros and cons of converting.

In summary, if you have a substantial amount in your 401(k) and are already 61 years old, it may make sense to consider converting to a Roth IRA. However, this decision should be based on a variety of factors, including your current tax rate, time horizon, other sources of income, and estate planning goals. Speak to a financial advisor to help you make the best decision for your retirement goals.