Is Roth IRA Conversion Really Worth It?

This is a must read. If you cannot see this email properly, please click [here]( *|MC_PREVIEW_TEXT|* Is Roth IRA Conversion Really Worth It? Have you considered a Roth IRA conversion? Here’s a primer on the potential benefits, as well as the drawbacks [Learn more]( SPONSORED BY SMARTASSET Have you considered converting a pre-tax retirement account into a Roth account as you approach retirement? Converting pre-tax retirement accounts such as IRAs to after-tax Roth IRAs could allow you to keep growing funds tax-free and then make withdrawals in retirement without paying taxes. Is this the right retirement savings strategy for you? To find out, it could be a good idea to [speak with a financial advisor.]( Research suggests people who work with a financial advisor feel more at ease about their finances and could end up with about 15% more money to spend in retirement.¹ A 2022 Northwestern Mutual study found that 62% of U.S. adults admit their financial planning needs improvement. However, only 35% of Americans work with a financial advisor.² Roth IRA Conversion Basics The difference between a Roth IRA and other types of IRAs is that the Roth account is funded with after-tax dollars. That means you pay taxes on funds before contributing them to the Roth, and you can’t deduct contributions from your taxable income. However, the money in the Roth account grows tax-free and you can withdraw funds after you retire without paying taxes. You can convert funds in pre-tax IRA accounts to a Roth IRA. This includes traditional IRAs, SEP IRAs and Simple IRAs. When you convert pre-tax money in a regular IRA to a Roth IRA, you have to pay taxes on it at your current rate. The conversion amount is treated as regular income, which can bump you into a higher tax bracket and cause a high tax bill for the conversion year. Despite the tax bill, a Roth IRA conversion can be worth it for a couple of reasons. Ready to know more? [ Learn the pros and cons of Roth IRA conversion »]( This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset’s services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. 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Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances. Sources: - ["Planning and Progress", Northwestern Mutual (2022)]( - ["Journal of Retirement Study Winter" (2020)](. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the [Journal of Retirement study](. [Unsubscribe](/creative/form/*|UNSUB|*) MarketInsidersPress.com Disclaimer This newsletter contains advertisements which are neither an offer nor recommendation to buy or sell any security. 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