Saving for retirement can be difficult and more people are having to decide if it is prudent to convert their traditional IRAs into Roth IRAs. One thing that traditional IRAs and Roth IRAs both have in common is that they are different types of investment accounts that guard wealth that is saved for retirement from being taxed. One major difference is that contributions to a traditional IRA generally tax deductible but funds that are withdrawn are treated taxable income, while contributions to a Roth IRA are not tax deductible money can be taken out tax free so long as the account holder is over 59½ years old and had the account for at least five years. A person that is planning for retirement should speak with an experienced estate planning professional to discuss whether converting a traditional IRA into a Roth IRA is the right decision to make considering their individual circumstances.
See Carlos Dias Jr., Should I convert my traditional IRA to a Roth?, Market Watch, November 25, 2015.
