Mark Byelich featured in USA Today | Consider a Roth IRA Conversion
Here’s why you should consider a Roth IRA conversion Robert Powell Special to USA TODAY
Robert Powell Special to USA TODAY
Published on January 10, 2021
Excerpt:
What to know about a Roth IRA conversion
The Roth IRA conversion works this way: You take a distribution from your traditional IRA or 401(k) and contribute that money into a Roth IRA. There are no income limits for this tactic, and the reasons for doing a Roth IRA conversion are many.
Many advisers believe tax rates will rise over time. By taking a distribution from your traditional IRA you’ll be paying less in taxes now than if you took a distribution from your traditional IRA in the future.
“Roth conversions can make sense only if you believe that taxes in general, or your tax rate in particular, will be higher in the future than they are today,” says Mark Byelich, a certified financial planner with Attleboro Wealth Management.
And that’s likely to happen according to his research, which suggests that the average middle-class American will be in the 40%-45% effective tax rate within the next 10 to 15 years.