Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. for retirement.

Hi, everyone, and welcome back to another episode of Ready for Retirement.

I'm your host, James Cannell.

On today's episode, we're going to be talking about Roth conversions, but probably in a different way than we've talked about them before or a lot of people have talked about them before. There's almost this sense of I'll see people either doing

far too little with Roth conversions and they're leaving a bunch of money on the table because of

extra taxes they're going to end up paying as a result of this. Or I see other people who are so

dead set on converting so much money from their pre-tax accounts

or Roth accounts that they're likely going to end up paying more in taxes over the course

their lifetime because of some of these conversions.

So on today's episode, we're going to be talking about how important are those Roth conversions.

How do you find that balance in how much you should be converting, especially in light of the

fact that tax legislation is going to

change. And if nothing changes, we know for certain that current tax law will sunset at the end of

2025. So this podcast is the result of a question that was submitted by Carl. And Carl said this. He

submitted a question of the podcast saying, I am 60 years old and getting ready to retire next month.

I have $2.2 million in an IRA and $150,000 in a brokerage account. When I leave my company,

I will have a $900,000 401k that I will be looking to move out. My wife passed away a little over a year

ago and I will start collecting Social Security survivor benefits of $1,955

per month. Should I roll the 401k into a Roth? It will be almost $300,000 in taxes, but I am a little

concerned about RMDs when I hit age 72. I will be switching to my Social Security when I turn

...