Frequently Asked Questions
All about retirement
But you will have to pay tax on the conversion.
Most of our planning is being done for people who are in their 60’s. If you are in your 60’s you could still have over 30 years to live.
You can do the conversion at any time. Just remember that if you are under age 59 ½ and you use some of the conversion dollars to pay the tax you will end up paying a 10% penalty on the money you do not reinvest.
During 1944 and 1945 if you made over $200,000 you had to pay 94% on this income.