Roth Conversions

Why consider a Roth IRA

Roth Conversion For Your IRA?

An IRA Roth conversion means moving funds from a traditional IRA, SEP IRA, SIMPLE IRA, or a 401(k)-style plan into a Roth IRA. You'll owe taxes on the amount you convert now, but in return, your future withdrawals from the Roth account can be completely tax-free.

Why a Roth Conversion Makes Sense

The biggest benefit of a Roth conversion is avoiding taxes later on your retirement income. This is especially useful if you think you’ll be in a higher tax bracket down the road. While many people earn less in retirement, it's not always true that they're in a lower tax bracket. This is especially true if you have large traditional IRA balances. Once you hit age 73, required minimum (RMDs) can raise your taxable income significantly. Furthermore, changes to tax brackets and rates can't be predicted. If taxes go up by the time you retire, converting your traditional or SEP IRA and taking the tax hit now rather than later could be an advantageous choice in the long run.

Let’s Talk Strategy
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Have you ever considered the cost of not communicating with your financial advisor and exploring your options?

At Grimes Financial Group, we take the time to educate you on all the options we think could be right for you. This is something that sets us apart from many other financial professionals out there. If you’re looking for financial services near Blacklick, Gahanna, or Canal Winchester, Ohio, reach out to us today. Let’s get started on your Retirement Blueprint™ today. 

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