Inbox Questions | Should We Consider Roth Conversions with a High Income?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 20 February 2025
⏱️ 8 minutes
🧾️ Download transcript
Summary
In this episode, Tammy asks about the pros and cons of doing Roth conversions in retirement to manage Required Minimum Distributions (RMDs) down the road. With $2.9 million in combined IRAs and current income of $196,000, she's concerned about future tax implications. While we can't give personal advice, we'll break down the potential benefits, drawbacks, and factors retirees like Tammy should consider when deciding if Roth conversions make sense.
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Transcript
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| 0:00.0 | Welcome to the Big Picture Retirement Show. |
| 0:07.7 | Today, we're going to the inbox to answer questions sent in by you, our listeners. |
| 0:12.6 | Now, if you'd like to send us a question, just head over to big pictureretirement.com and click |
| 0:17.3 | the Ask a Question tab in the top menu. |
| 0:19.8 | Oh, and just a quick reminder. |
| 0:21.2 | On this podcast, we provide general information |
| 0:24.3 | and not specific tax, legal, or financial advice. |
| 0:28.0 | But if you're ever ready to move |
| 0:29.6 | from the broad education we provide here |
| 0:31.9 | to personalized advice that's specific to you, |
| 0:35.6 | you can find links to our websites down in the description. Now let's jump in |
| 0:40.0 | today's question. John today's question comes from Tammy and Tammy says my husband and I are |
| 0:49.9 | retired. He is 60 and has two million dollars in an IRA. I'm 64 and have $900,000 in an IRA. My husband is |
| 0:57.8 | currently on Social Security disability and I will not collect Social Security until my full |
| 1:02.7 | retirement age. Our annual income is $196,000 per year currently. She goes on to say, I'm a little |
| 1:08.8 | concerned about RMDs down the road, and I'm trying |
| 1:11.2 | to determine if we should be doing Roth conversions. Based on the information above, can you share |
| 1:16.6 | pros and cons of doing Roth conversions in our situation? I know you can't provide personal advice, |
| 1:22.0 | but I'd love to hear your opinion. Okay, so Tammy is absolutely right about the personal |
| 1:27.0 | advice. On this show, |
| 1:28.1 | we can't do personal specific advice. It's considered education. That's right. But if anybody |
| 1:33.9 | ever really wants to get into the weeds, we keep our contact information down below. |
... |
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