News & Press
My wife and I are about 10 years from retirement. We want to begin converting money in our individual retirement accounts to a Roth IRA, but the tax bite looks like a problem. We’re already in a higher tax bracket than we like. Any advice? When, or how, should we start converting?
Willie Delwiche, investment strategist for All Star Charts, says that the messy, sloppy range-bound market that we've seen since February is going to continue sideways for a while but ultimately will resolve itself to the upside, confirming a consolidation that is healthy for the long term.
Employers are increasingly offering a valuable retirement-saving tool to workers. In addition to traditional 401(k) plans, about 8 in 10 workplaces now let workers invest in a Roth 401(k), up from just 37% that offered the option in 2010, according to a recent survey from investing research firm Callan.
Many Americans are using a previously little-known tax method to boost their savings. Now, the government is trying to stop it.
The tax strategy at issue is the mega-backdoor Roth conversion and it has allowed some Americans to amass sizable balances in tax-free Roth retirement accounts. On Sept. 15, the House Ways and Means Committee approved legislation from House Democrats that would prohibit use of the mega-backdoor Roth conversion starting Jan. 1, 2022.