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If you want to roll over money from your 401(k) into a Roth IRA, there’s good news: any employer matching funds in a 401(k) can be converted along with your own contributions and investment earnings. However, you’ll owe income taxes on all the converted funds, which can be a significant issue when converting large balances. […] The post Can I Roll Over the Employer Match in My 401(k) to a Roth IRA? appeared first on SmartReads by SmartAsset. ....
Imagine that you have $900,000 in a Roth IRA and collect another $2,200 per month in Social Security. Can you afford to retire at age 66? A good way to answer this question is to start with your budget. What do you expect to spend on essentials, like housing and fixed monthly expenses, and what […] The post I Have $900k in a Roth IRA and Would Receive $2,200 Monthly From Social Security. Can I Retire at 66? appeared first on SmartReads by SmartAsset. ....
By your early 60s, you’ll likely be paying close attention to your finances and retirement savings. This may include making crucial decisions on investment structure, risk tolerance, income needs and tax planning, among the many other moving parts of your financial life. A financial advisor can help you plan and save for retirement. Find a […] The post We’re 62 and Have $1.6 Million in Our 401(k)s. Should We Pivot to Roth Contributions? appeared first on SmartReads by SmartAsset. ....
A 62-year-old with $1.5 million in a traditional IRA may be wise to consider converting $150,000 per year to a Roth IRA to avoid required minimum distributions (RMDs). The annual withdrawals from retirement accounts that are mandated by RMD rules can raise your tax bill in retirement by adding to your taxable income, even if […] The post I'm 62 With $1.5 Million in an IRA. Should I Convert $150k Per Year to a Roth to Avoid RMDs? appeared first on SmartReads by SmartAsset. ....