Rollover Trad. IRA?

xminionJanuary 15, 2014

Almost 59 1/2 yo. Should I rollover my trad. IRA into a Roth?

Thank you for reporting this comment. Undo
sushipup1

It all depends on your tax situation, because you'll pay a big chunk on taxes. Consult a professional and get an idea for the amount.

    Bookmark   January 15, 2014 at 9:06PM
Thank you for reporting this comment. Undo
emma

I had my accountant check out our options, she came up with 5 options and we choose to cash it in with a 10 year averaging plan. We paid a huge amount of taxes but got a lot of it back when we filed taxes. I do not want my money tied up in anything, especially don't want to worry about paying taxes on it when I need to take some of it out. My husband and I talked it over and he agreed with me.

We had a $2,000. IRA and I hated it. My bank forgot to send me a reminder and it would have cost me most of the dispersion as a penalty. The bank post dated it and I didn't lose any money.

    Bookmark   January 15, 2014 at 9:59PM
Thank you for reporting this comment. Undo
raee_gw

I've been considering doing that, but haven't worked out the math yet.

I might convert just part of it.

    Bookmark   January 16, 2014 at 8:25PM
Sign Up to comment
More Discussions
Spending Breakdown
My wife and I have tracked our spending over the last...
rjexit5
Do I need to give a 1099-misc to the lady who cleans for me?
For the first time ever, I began having a lady clean...
sogofan
Investing for your Future
I'm wondering if most people today hire financial planners...
cmarlin20
help!!! advice needed asap for 2nd mortgage
I need to take out $30,000 in equity for desperately...
gigigirl1
Buying a new house financial questions?
This seems silly, but I don't have anyone else to talk...
Butternut
Sponsored Products
Quoizel Grant Rod-Hung Palladian Bronze Mini Pendant
Lamps Plus
Brewster High Trad Paintable Textured Vinyl Wallpaper - 437-RD80027
$59.98 | Hayneedle
Embarcadero 4-Light Chandelier by Philips Forecast Lighting
$468.00 | Lumens
Maxim Mondrian 44" High Umber Bronze Foyer Pendant Light
Lamps Plus
Traditional 6-Way Antique Brass Floor Lamp
Lamps Plus
Marcy Standard Bench - WM 367
$129.99 | Hayneedle
House of Troy Round Base Upright Antique Brass Piano Lamp
Lamps Plus
Mosquito Magnet Executive Mosquito Trap - MM3300
$749.99 | Hayneedle
© 2015 Houzz Inc. Houzz® The new way to design your home™