For anyone with a traditional IRA, the option of converting to a Roth IRA is something to consider. Each individual and their circumstances ultimately determine if a conversion is right for them; but some years offer more reasons to convert than others. 2023 is shaping up to be one of those years.   Before I list the reasons why, I recommend that if you have an IRA you begin a relationship with a fiduciary advisor, like myself. RIAs offer unbiased, personalized recommendations regarding important financial planning decisions, such as Roth IRA conversions. As a Fiduciary learn how I help clients achieve their financial goals.  What is a Roth IRA? A Roth IRA is an individual retirement account designed for after-tax contributions. There are no current-year tax benefits for this type of account, but earnings can grow tax-free. Withdrawals after age 59 ½ may be made tax- and penalty-free. What exactly is a Roth IRA conversion? A Roth IRA conversion is the moving of assets from a tax-deferred traditional IRA to a non-deductible Roth IRA. What are the benefits of a Roth IRA conversion? Roth IRAs do not mandate required minimum distributions (RMDs), whereas traditional IRAs do. Assets in Roth IRAs grow tax-free for qualified distributions. Roth IRA […] read more