In-Depth Roth Analysis
Making the right decision about Roth conversions can save retirees hundreds of thousands of dollars over time—but only if it’s based on accurate, personalized analysis. While some local advisors may be equipped to perform these calculations, the reality is that Roth analyses require deep expertise in tax strategy, mathematics, and retirement income planning.
For individuals contemplating whether to convert their traditional IRAs, 401(k)s, and other tax-qualified retirement plans to a Roth IRA, Retirement Tax Consultants offers a comprehensive Roth Conversion Analysis. Our software analyzes the expected taxes one will pay in retirement through distributions, RMD’s, IRMAA, taxes on Social Security Income, and non-spousal inherited IRA’s (ten years) and compares to taxes paid on Roth conversions.
Benefits of Roth Accounts
Tax-Deferred Growth
Like traditional retirement accounts, Roth accounts also grow tax deferred. That means they grow and compound faster than taxable non-qualified accounts.
Potentially Lower Taxes
Current tax rates are close to historical lows. To minimize taxes, we want to pay our taxes at the lowest rate possible. Better to pay the taxes at today’s known low rate versus tomorrow’s unknown and possibly higher rate.
May Contribute to Portfolio Longevity
Paying less in taxes over time could increase portfolio longevity, making your portfolio more solvent in the long-term.
Income Not Counted In Provisional Income Calculation
Income from Roth accounts is not part of the provisional income calculation used to determine whether/how much SSI is taxed.
No RMDs
Paying income tax upfront on a Roth Conversion will be substantially less than paying a lifetime of taxes on increasing RMDs.
Pass Assets Tax-Free to Heirs
If you hold the account at least five years, a non-spousal inherited IRA could prove to be one of the best ways to prevent creating a tax problem for your beneficiaries.
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