Try These Tips to Get More Out of Your Roth Conversion
Are you considering converting your IRA to a Roth IRA? Having your retirement savings in a Roth account can be extremely beneficial if you wish to avoid Required Minimum Distributions (RMDs), want your money to grow tax-free, or if you plan to leave the account to your heirs. While traditional IRAs are subject to a ten-year withdrawal schedule at ordinary income tax rates when the IRA owner dies, Roth accounts pass to heirs tax-free. Additionally, the new SECURE act allows for Roth accounts to continue growing tax-free for up to 10 years after the death of the account holder.