069 Should You Convert Your IRA to a Roth IRA?

When thinking about our financial future we want what is best for us and our family. For some people, this looks like creating retirement accounts that can help their money grow over time. These accounts come in different types and have different benefits. And in every wealth plan, there’s one thing you can’t avoid…taxes. Taxes are simply a part of every financial journey BUT your job is to only pay the amount you are legally required to, not one penny more. Considering that tax rates could approach 50% or more depending on the state you live in, it isn’t a decision to take lightly. But what if you could have a portion of your retirement or wealth be completely tax-free? Cool idea, right? That’s effectively what a Roth is. No tax deduction when you put money in AND no taxes on any amount when you withdraw it (after age 59 ½) on any of the growth or the contributions. Some people already have an IRA, or a different type of account, and they’re trying to figure out if making a conversion to Roth IRA is the best idea. Although the tax demon can invade your retirement and wealth. But it may be possible to minimize it through systematic conversions of your IRAs. In this episode, we will explore what a Roth IRA is, how to make a conversion from an IRA account, and the benefits that it could bring us over time depending on what we are planning for our future. Today our conversation includes:How does a Roth IRA work?How to do a conversion from a regular IRA to a ROTH.What you need to consider before doing the conversion. Resources mentioned:Download The Affluence Blueprint™ Graphic (Three Pillars of Affluence)Ep 24 What to do with your cash Ready to set a solid financial foundation?Join the 7-Day Money Plan Workshop by  clicking here Connect with me:Website: MelAbraham.comYouTube: MelAbraham.com/tube/Instagram (@melabraham9): MelAbraham.com/ig/