I am a 68 y/o married male with @ 2.9m in traditional IRA. I am retiring at the end of 2024 and waiting till 70 to take SS. I was planning to take living expenses from the IRA in 2025 and 2026 to reduce the total amount and lower future RMD. I have run Roth conversions in both NewRetirement and Pralana Gold. In both I have set the limiting parameter to be the IRMAA limit. They both show some advantage to a conversion, although at the price of significant upfront taxes. The tax savings come way down the road. For example, NR suggests a 15 year conversion. Frankly, it is very likely that by the time I would benefit from the tax savings I will have already passed on. I know that the benefit would be passed on to my heirs, but at the cost of significant tax expense at the start of retirement. I have gotten conflicting advice from accountants. Some say convert, others say at my age it doesn't make as much sense. Any advice?
Statistics: Posted by jjodod — Fri Aug 30, 2024 10:13 am — Replies 4 — Views 222