The Pros and Cons of Converting Your IRA to a Roth at 67

With tax rates expected to rise, it may be a good time to consider converting your traditional IRA to a Roth IRA. Converting to a Roth IRA involves prepaying income tax on a portion of your retirement account, which can provide future tax immunity. Factors to consider include your current and future tax brackets, the potential impact of required minimum distributions, the expiration of Trump-era tax cuts in 2026, and the possibility of future tax increases. Various strategies, such as bracket filling and timing conversions, can be employed to optimize the benefits of a Roth conversion. Consulting with an accountant or financial advisor is recommended to determine the best approach based on individual circumstances.