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Today on MyMoneyLife with Chuck Bentley

Thursday, October 22, 2009

Convert to Roth IRA?

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Chuck Bentley Are you putting off converting a 401k or conventional IRA into a Roth?

Well, thanks to a law signed by President Bush back in 2006, some changes are coming down the pike that could make it better than ever to make that switch. Now, this is according to SmartMoney.com.

Here are the top 3 reasons to consider converting to a Roth IRA:

Starting next year, that’s 2010, you can spread out the tax hit over two years. That’s instead of having to take it all in one year.

Smaller portfolios. We all saw our retirement savings shrink last year, but the one silver lining in that otherwise dark cloud is that your tax bite for converting to a Roth will be smaller because your balance is smaller. It’s actually one of the few benefits from the loss your retirement funds may have experienced last year.

Higher taxes are coming. With Washington spending money it doesn’t have like it’s going out of style, you’d be naïve to think that higher taxes aren’t around the corner. Congress is looking at trillions of dollars in private retirement accounts and they’re trying to find ways to get at it. So, it’s better to take the tax hit now rather than later.

Now, of course, the big reason to convert to a Roth is that you pay the taxes going in, not coming out. So, you can then withdraw those assets after age 59 ½ tax free. Now, that’s assuming Congress doesn’t change that benefit, as well.

Now, for more ways to manage your money wisely, I hope you’ll take 60 seconds and visit us online at Crown.org.

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