• Planning for Health Care Expenses in Retirement

    By: Elaine Floyd, CFP®

    Customized Strategies for Your Financial Security

    Nearly everyone agrees on the importance of planning for health care expenses in retirement. However, this task can feel overwhelming due to the many unknowns: the future cost of health care, your personal health care needs based on past experiences, your individual life expectancy (which determines how long premiums must be paid), and the potential need for long-term care—the most dreaded possibility for many.

    Fidelity has popularized the idea of starting retirement with a lump sum to cover health care costs throughout your lifetime. Their latest estimate suggests that a 65-year-old retiring this year will spend an average of $165,000 on health care expenses and medical expenses during retirement. However, because no one is truly “average,” Fidelity also provides a tool that allows you to personalize this figure by inputting your current age, retirement age, and life expectancy. For example, if you plan to retire at 68 and have a life expectancy of 93, today’s 65-year-old couple would need $392,786 at the start of retirement to fund lifetime health care expenses.

    The advantage of such tools is their flexibility; you can see how changes to basic assumptions affect the estimate. However, it’s important to understand what these estimates include. According to Fidelity, their calculation accounts for cost-sharing provisions like deductibles and coinsurance associated with Medicare Part A and Part B (inpatient and outpatient medical insurance), as well as premiums and out-of-pocket costs for Medicare Part D (prescription drug coverage). It also considers services excluded by Original Medicare. Notably, the estimate does not cover other health-related expenses such as over-the-counter medications, most dental services, and long-term care.

    While Fidelity’s estimate can serve as a helpful starting point, the reality is that planning for health care expenses — like all financial planning —should be tailored to your unique circumstances. Let’s delve into key areas where we can customize health care planning for you.

    Understanding IRMAA: The Income-Related Monthly Adjustment Amount

    For 2025, the base Medicare Part B premium is $185. This figure represents about 25% of the total cost, with the government subsidizing the remaining 75%. If the government didn’t assist, the full premium would be $740 ($185 x 4). Since 2007, higher-income beneficiaries have been required to pay more through the Income-Related Monthly Adjustment Amount (IRMAA).

    A recent paper, titled How Medicare “Means Testing” and Tax-Deferred Savings Threatens Retirement Security, raises concerns about how IRMAA can significantly increase health care spending for high earners. This cost is further exacerbated by rising balances in tax-deferred retirement accounts. Required Minimum Distributions (RMDs) from these accounts could push high earners into higher IRMAA tiers, resulting in substantial premium surcharges over time.

    For instance, a hypothetical couple, age 50 today, with $1 million in tax-deferred savings, contributing $38,000 annually until retirement at 66 and earning a 6% return, would have $4.65 million in their account by age 70. Their RMDs would total $169,689. Over a 25-year retirement to age 90, they could pay $763,193 in Medicare Part B and Part D premiums, with $343,279 attributable to IRMAA surcharges.

    While not all clients will face IRMAA-related costs, it’s important to identify strategies to mitigate this risk early. Let’s explore ways we can help you prepare proactively.

    Strategies to Mitigate Retirement Health Care Costs

    Maximizing Health Savings Accounts (HSAs)

    One of the best tools for addressing health care expenses is an HSA. For 2025, the family contribution limit is $8,550, with an additional $1,000 catch-up contribution for individuals over 55. Prioritizing funding your HSA after capturing your employer’s 401(k) match can yield significant benefits. Unlike flexible spending accounts, HSAs are not use-it-or-lose-it, allowing you to let the account grow tax-free. Use other funds for current medical expenses and let your HSA serve as a long-term health care funding source.

    Shifting 401(k) Contributions to Roth Accounts

    Traditional advice often suggests contributing to tax-deferred accounts while you’re in a high tax bracket. However, this approach doesn’t always account for the IRMAA “surtax.” Over time, growing RMDs and IRMAA costs could result in a combined tax rate higher than anticipated—for example, a 38.5% rate for our hypothetical couple at age 80.

    Instead, consider shifting contributions to a Roth 401(k) or Roth IRA. Current tax rates are historically low and could rise in the future. If a Roth option isn’t available, contribute to tax-deferred accounts up to the employer match and allocate additional savings to taxable investment accounts, using tax-advantaged strategies to minimize capital gains.

    Roth Conversions

    The window between retirement and age 73 is often ideal for Roth conversions. However, high-earning clients may find their tax brackets remain elevated due to future IRMAA costs and higher-than-expected tax rates. The earlier you complete a Roth conversion, the more funds you can shelter under the tax-free umbrella, potentially reducing long-term expenses.

    The Top 5 Funding Reminders for Roth IRAs

    Need for Long-Term Care

    The report Long-Term Services and Supports for Older Americans: Risks and Financing Research Brief says that about half (52%) of Americans turning 65 today will develop a disability serious enough to require long-term care; most will need assistance for less than two years.

    A Vanguard-Mercer research paper, Planning for Health Care Costs in Retirement concludes that half of individuals will incur no long-term care costs; a quarter will consume less than $100,000, while 15% will consume more than $250,000.

    So you might say the need for long-term care is luck of the draw: either you’ll need it or you won’t; if you need it, you could spend a lot or a little. Here are some of the factors that influence the need for long-term care:

    • Age—The older you are (that is, the longer you are expected to live), the greater the likelihood of needing long-term care.
    • Gender—Women tend to outlive men so they are more likely to live home alone when they are older.
    • Disability—69% of people age 90 or older have a disability.
    • Health status—Chronic conditions such as diabetes and high blood pressure make you more likely to need long-term care.
    • Living arrangements—If you live alone you are more likely to need paid care than if you live with a partner.

    Another factor to take into consideration are your feelings about it. Some are willing to take their chances and hope they’ll be among the 50% who won’t have any long-term care costs, either because they think they’ll die before needing it or won’t mind turning to family or the government (i.e., Medicaid) for assistance. Others will want to make sure they’ll have any potential long-term care costs covered, even if it means buying an insurance policy or setting aside funds for that purpose that they may never need (in which case the fund becomes their legacy).

    Life Expectancy

    Life expectancy figures into health care planning in two ways: The longer you live, 1) the more you’ll pay in insurance premiums, and 2) the more likely you’ll need long-term care due to the frailties of old age. Although life expectancy can never be predicted with certainty, the Actuaries Longevity Illustrator lets you look at the odds. If your chances of living to the average life expectancy are 50%, what age would you have to plan for in order to have a 20% or 10% or 0% chance of running out of money? The Longevity Illustrator can show you, based on your age now, your gender, whether or not you smoke, and how you rate your health.

    The life expectancy conversation goes hand in hand with the long-term care discussion in that both are dependent on your attitude and preference for dealing with uncertainty. Those who want to be 100% sure there will be enough money to pay health insurance premiums (including IRMAA) for the rest of their life, and also cover long-term care expenses in case they might be needed, will want to set aside enough assets or ensure there is sufficient income to pay for everything to age 100, at least. Others might see such planning as overkill and would not be willing to sacrifice current consumption on the unlikely chance that they might live to 100 and need long-term care. They would require some level of planning, setting aside whatever amount they’re comfortable with.

    A big part of health care planning is simply understanding what the variables are, even when some of those variables cannot be predicted with certainty. By assessing your comfort level, doing some math, and earmarking a portion of your assets and/or income to health care expenses in retirement, you may avoid surprises at a time in life when you are least able to recover from them. Don’t let the uncertainties of life absolve you of this responsibility. Some planning is better than none.

    Tailoring Health Care Planning to Your Needs

    Health care planning is a critical component of your overall financial strategy. While tools like Fidelity’s estimate provide a helpful baseline, true success lies in customizing these plans to fit your unique financial situation, income level, and goals. By addressing considerations like IRMAA and proactively managing tax-deferred accounts, we can help secure a brighter financial future for you. Together, we can develop a comprehensive plan to safeguard your financial well-being.

    Source: Horsesmouth, LLC
    Horsesmouth, LLC is not affiliated with Lane Hipple or any of its affiliates.

  • Health Insurance Before and After Retirement

    Most employees depend on their employers for health insurance today. It is possible to go into the open market and buy an individual health insurance policy under the Affordable Care Act, but these policies tend to be expensive. Premium subsidies are available, but only if you meet asset and income limitations. Of the insurance options available to working people under age 65, their own employer plan—or a spouse’s plan if available—is likely to be the best choice.

    If a client retires before age 65, they will have to find different insurance to take effect immediately after the employer insurance ends. If the client’s former employer offers retiree insurance to tide them over to Medicare age, great. Or, if the spouse is still working, the client may be able to get on the spouse’s plan. If neither of these options is available, the client may go onto COBRA, which will keep the employer insurance in force at full cost to the client. As a last resort the client will need to go into the open market and buy an individual policy to last until Medicare starts at 65. The cost of this pre-65 insurance will, of course, need to be figured into the post-retirement budget, and the client would need to be confident about covering the costs before making the decision to retire.

    Once a client turns 65, the Medicare option becomes available. If a retiree has an ACA plan, they will leap at the chance to get into Medicare in order to lower their costs. If they have a retiree plan, they will be forced to have Medicare, either because the retiree plan ends at 65 or shifts to secondary payer status (serving as supplemental insurance) with Medicare as the primary payer. If they are on a spouse’s plan, and if the plan covers 20 or more employees, they may be able to stay on the spouse’s plan. But take note: Some plans specify that dependent spouses must enroll in Medicare upon turning 65. So if a client turns 65 while on a spouse’s plan they will need to check with the plan to see if Medicare enrollment is a requirement. (An over-20 plan can’t require an employee to enroll in Medicare, but it can require it of a dependent spouse.)

    Related: Original Medicare vs. Medicare Advantage

    Once Medicare becomes an option, by virtue of the client turning 65, health insurance should be reevaluated. Even if a client is still working and staying on an over-20 employer plan, or retired and staying on a spouse’s plan, the existing plan should be compared to Medicare, either traditional A and B with a drug plan and supplemental insurance, or a Medicare Advantage plan. Overall, employer insurance isn’t what it used to be: deductibles are up, cost-sharing is up, and certain specialist services may be hard to get. Clients should not assume that their employer insurance is better than Medicare paired with a good supplemental policy. It may be, but they don’t know that until they’ve compared benefits and potential out-of-pocket costs of both plans under their expected health care usage.

    And that’s another thing that might change along with the passing of the client’s 65th birthday: they may need more health care services as they age. Employer plans are designed for younger, healthier populations. Deductibles can be high because employees don’t expect to get sick; in fact high deductibles are welcome if they keep premiums low. But high deductibles can be devastating for people who do get sick, or who contract conditions requiring expensive prescription drugs. Then you want a plan designed for more frequent and expensive health care usage. That’s Medicare, along with a supplemental policy and prescription drug plan or a Medicare Advantage plan.

    Source: Horsesmouth, LLC
    Horsesmouth, LLC is not affiliated with Lane Hipple or any of its affiliates.

  • More SECURE Act 2.0 Changes: What 2025 Brings to Retirement Planning

    Navigating the Latest Updates to Retirement Rules for a Smarter 2025 Plan

    The SECURE Act 2.0 has introduced several significant updates to the rules governing retirement savings, many of which will take effect in 2025. These changes are designed to increase savings flexibility, offer new opportunities for long-term growth, and address the evolving needs of today’s savers. Here’s a breakdown of the key provisions and what they mean for your financial planning.

    1. RMD Age Adjustments

    Starting in 2025, Required Minimum Distributions (RMDs) will begin at age 75 for individuals born in 1960 or later.

    • This change delays when retirees must begin withdrawing from tax-deferred accounts.
    • Consider how deferring RMDs could impact your tax strategy, especially if future withdrawals might push you into a higher tax bracket.

    2. Higher Catch-Up Contributions for Ages 60-63

    For those nearing retirement, catch-up contributions are getting a boost:

    • Workers aged 60-63 can contribute an extra $10,000 (or 150% of the current catch-up limit, whichever is higher) to employer retirement plans.
    • High earners (over $145,000) must allocate these contributions to Roth accounts, which are taxed upfront but grow tax-free.

    3. Roth Matching Contributions

    Employers will soon be able to offer Roth matching contributions:

    • Employees can now direct matching funds into Roth accounts for tax-free growth and withdrawals in retirement.
    • Evaluate whether Roth contributions fit your overall tax diversification strategy.

    4. Auto-Enrollment in Workplace Retirement Plans

    Beginning in 2025, new employer-sponsored plans must include:

    • Automatic enrollment at a minimum contribution rate of 3%.
    • Automatic annual increases of 1%, up to 10-15%.
    • Employees can adjust contribution levels or opt out entirely, offering flexibility while encouraging participation.

    5. 529 Plan Rollovers to Roth IRAs

    Unused education savings in 529 plans can now be repurposed:

    • Up to $35,000 (lifetime cap) can be rolled over into a Roth IRA for the plan beneficiary.
    • The 529 account must be open for at least 15 years, and Roth contribution limits apply.
    • This option provides an opportunity to extend the value of unused education funds into retirement savings.

    Related: Navigating College Savings: Exploring 529 Plans and Coverdell ESAs

    6. Emergency Savings Accounts Linked to Retirement Plans

    Employers can help employees save for emergencies while still contributing to retirement:

    • Emergency savings accounts will allow after-tax contributions of up to $2,500 annually.
    • Funds can be withdrawn penalty-free, helping employees handle short-term needs while preserving long-term savings goals.

    7. Student Loan Matching Contributions

    For workers focused on paying off student loans, a new option offers retirement savings benefits:

    • Starting in 2025, employers can match student loan payments with contributions to an employee’s retirement account.
    • This helps workers manage debt while still building a foundation for retirement savings.

    Key Takeaways for Your Retirement Strategy

    These updates reflect an evolving approach to retirement planning. Consider:

    • Reviewing your RMD strategy to align with the new age requirements.
    • Exploring whether enhanced catch-up contributions or Roth options align with your goals.
    • Taking advantage of workplace plan features like auto-enrollment and emergency savings accounts.
    • Making adjustments to your tax planning, especially for high-income earners required to use Roth accounts for catch-up contributions.

    Staying on Top of Changes

    The SECURE Act 2.0 offers new opportunities, but it’s important to assess how these updates fit into your overall financial strategy. Regularly reviewing your plan and discussing these changes with a financial professional can help you stay aligned with your goals as retirement approaches.

    SECURE Act 2.0 Changes: Final Thoughts

    The updates taking effect in 2025 are designed to provide savers with greater flexibility and new tools to enhance their retirement plans. Whether you’re nearing retirement or still in the accumulation phase, understanding how these changes could impact your strategy is key to making informed decisions.

    Illuminated Advisors is the original creator of the content shared herein. I have been granted a license in perpetuity to publish this article on my website’s blog and share its contents on social media platforms. I have no right to distribute the articles, or any other content provided to me, or my Firm, by Illuminated Advisors in a printed or otherwise non-digital format. I am not permitted to use the content provided to me or my firm by Illuminated Advisors in videos, audio publications, or in books of any kind.

  • Financial Transparency: Long-Term Financial Planning Tips for Couples

    Financial Planning Tips for Couples: Build a Stronger Financial Future – Together

    Openness is key to a strong and thriving relationship, especially when it comes to finances. When couples are transparent about their financial status, goals, and future plans, they build trust and foster better communication, both in their relationship and in their long-term financial planning. If you’re unsure how to approach money matters with your partner, this guide will highlight the importance of financial transparency and offer valuable financial planning tips for couples.

    The Importance of Financial Transparency in a Romantic Relationship

    Talking openly about money is often one of the toughest parts of a relationship, yet it’s one of the most important. Financial transparency means more than just revealing your account balances—it includes conversations about your financial mindset, goals, spending patterns, debts, and future plans. Here’s why it matters:

    1. Builds Trust. Honest conversations about money build trust and understanding between partners. When you’re open about your financial situation, it reduces the chances of misunderstandings, arguments, and hidden financial surprises down the road.
    2. Creates Unified Goals. Financial transparency allows couples to set joint financial goals and work together to achieve them. Whether it’s buying a house, saving for retirement, or funding your children’s education, shared goals give your financial planning purpose and direction.
    3. Facilitates Planning. Transparent discussions enable better financial planning. Couples can allocate resources strategically, make informed decisions, and adjust their plans as circumstances change.
    4. Reduces Stress. Money is a common source of stress in relationships. Open communication about finances can help alleviate this stress by allowing both partners to understand the bigger picture and share the responsibilities.

    Related: Mid-Year Retirement Planning Checklist

    Thinking Forward: Long-Term Financial Planning Tips for Couples

    In addition to transparency and a commitment to open and honest communication, these financial planning tips for couples can help you prepare a joint roadmap for your shared future:

    1. Initiate Honest Conversations. Start by sitting down and discussing your individual financial situations openly. Share your income, savings, debts, and credit scores – this will lay the foundation for productive financial planning discussions.
    2. Define Shared Goals. Identify your shared short-term and long-term financial goals. Whether it’s buying a home, traveling, or retiring comfortably, having common objectives gives your financial planning a clear purpose. It’s one of the financial planning tips for couples that will also help you ensure that you’re both staying on the same page.
    3. Create a Budget Together. Collaboratively design a budget that incorporates both partners’ incomes and expenses – and be sure it’s realistic so you can be successful in following it. Think critically about your spending habits and find areas where you can cut back to save for your goals.
    4. Allocate Responsibilities. Divide financial responsibilities based on each person’s strengths and preferences. One partner might be better at investing, for instance, while the other excels at managing day-to-day expenses. Establishing clear roles prevents confusion and ensures both partners are actively involved.
    5. Emergency Fund. This is foundational among financial planning tips for couples. Build an emergency fund that covers at least three to six months’ worth of your joint living expenses. Having this safety net ensures you’re prepared for unexpected financial challenges without derailing your long-term plans – or facing undue financial stress that can negatively impact your relationship.
    6. Manage Debt Together. If either partner carries debt, work together to create a strategy to pay it off efficiently. A smart strategy is to prioritize high-interest debt, like credit cards, and explore consolidation options. By working together to eliminate debt, you and your partner will be able to improve your financial stability significantly.
    7. Invest Wisely. A smart way to build wealth is through savvy investing. Before you begin, research investment options and consult financial professionals if needed. The key is to diversify your investments to mitigate risks and properly align your portfolio with your long-term goals.
    8. Save for Retirement. Both partners should begin saving for retirement as early as possible. Consider opening retirement accounts like IRAs or 401(k)s and contribute consistently. If available, take full advantage of employer match programs as that’s free money that will contribute to the magic of compounding over time.
    9. Regularly Review Your Finances. Set aside time together, perhaps on a monthly or quarterly basis, to review your financial progress. Discuss any changes in your circumstances or goals and adjust your plan accordingly. Get creative, too. This is one of those financial planning tips for couples that can end up being fun if you turn it into a regular date night that incorporates your favorite takeout or a movie, too.
    10. Stay Flexible. Life is unpredictable – just like relationships – and financial plans might need to be adjusted over time. Be open to revisiting and modifying your strategy as circumstances change.
    11. Maintain Open Conversation. Using these financial planning tips for couples is helpful, yet they can’t be one-time endeavors. Regularly discuss your financial status, goals, and concerns. Ongoing communication is key to ensuring you’re both on the same page and working toward a shared future.

    Long-Term Financial Planning for Couples: Do You Need Professional Guidance?

    Financial transparency is essential for a strong partnership, allowing couples to work through the intricacies of long-term financial planning together. By having open discussions, setting mutual goals, and managing your finances collaboratively, you can build a solid foundation for a stable and rewarding future. Keep in mind that reaching your financial objectives is a continuous process. Applying financial planning tips for couples and maintaining honest communication will help you navigate any obstacles that arise along the way.

    Illuminated Advisors is the original creator of the content shared herein. I have been granted a license in perpetuity to publish this article on my website’s blog and share its contents on social media platforms. I have no right to distribute the articles, or any other content provided to me, or my Firm, by Illuminated Advisors in a printed or otherwise non-digital format. I am not permitted to use the content provided to me or my firm by Illuminated Advisors in videos, audio publications, or in books of any kind.

  • The Top 5 Funding Reminders for Roth IRAs

    By: Denise Appleby, MJ, CISP, CRC, CRPS, CRSP, APA

    The rules of Roth IRAs create multiple tax-saving opportunities for Roth funding.

    Many consider Roth IRAs a gold standard for retirement savings because they provide a source of tax-free income during retirement. This tax-free benefit includes tax-deferred earnings, which are tax-free for those eligible for qualified distributions. Taxpayers who choose to fund Roth IRAs instead of traditional IRAs pay taxes upfront in exchange for this benefit. However, the promise of tax-free income is only one of the factors that must be considered, and taxpayers who choose Roth must also consider various strategies and operational requirements. The following reminders are a good start.

    1. After-tax 401(k) contributions: an opportunity for tax-free conversions

    Once a plan participant is eligible to make withdrawals from their 401(k) or other type of employer plan account (401(k)), eligible amounts may be rolled over to an IRA or another eligible retirement plan. For those who want to continue tax deferral until they are ready to take distributions, a traditional IRA is a common choice for rolling over assets from 401(k)s. However, if the 401(k) account includes after-tax amounts, that after-tax balance is an opportunity for a tax-free conversion.

    Unlike a conversion of pre-tax amounts, for which a suitability assessment is often recommended because it is taxable when converted, the conversion of an after-tax amount is tax-free. Therefore, no suitability assessment is needed. Further, any earnings on the after-tax amount would eventually become tax-free in a Roth IRA when you are eligible for a qualified distribution—a contrast with earnings that accrue in a traditional IRA, which would be taxable when distributed.

    Essential Tip: If you want to roll over their 401(k) account to an IRA, and that 401(k) includes an after-tax amount, instruct the plan administrator to split the distribution and send the after-tax amount to your Roth IRA. Doing so helps to ensure that the after-tax amount is not sent to your traditional IRA.

    2. Micro conversions for tax management

    Roth conversions are included in income, with any pre-tax amount being taxable for the year the conversion occurs. However, converting small amounts over time can mitigate the tax impact. For example, an individual who wants to convert $500,000 could make $50,000 yearly conversions over ten years instead of converting the entire $500,000 all at once. This strategy is commonly referred to as micro-conversions.

    This strategy can also be used to stay within a tax bracket in cases where a conversion could cause some of the individual’s income to be taxed at a higher tax bracket.

    Ideally, you would consult with your tax advisor to project the tax impact of the conversion and help them determine how much would be an ideal amount to convert each year.

    3. Tax withholding is not conversion

    If you want to have taxes withheld from the requested conversion amount, the withholding tax is not included in the conversion. As a result, the amount withheld for taxes will be subject to the (10% additional tax) 10% early distribution penalty unless an exception applies.

    Example 1: 45-year-old Sean’s Traditional Number 12345 had a balance of $100,000—all of which is pre-tax amounts. He instructed his IRA custodian to convert Traditional IRA Number 12345 to his Roth IRA Number 67890 and withhold 20% for federal taxes. Based on his instructions:

    • $20,000 was sent to the IRS for federal tax withholding.
    • $80,000 was deposited to Roth IRA #64890 as a Roth conversion.

    The result:

    • $100,000 is included in Sean’s income for the year.
    • $100,000 is taxable.
    • $80,000 is not subject to the 10% early distribution penalty.
    • $20,000 is subject to the 10% early distribution penalty because it is not part of the Roth conversion.

    If Sean had funds in a regular savings account (not a tax-deferred account), he could pay the income tax from that account instead of his traditional IRA.

    Consideration: An analysis should be done to determine if it makes good tax sense for Sean to perform a Roth conversion if it requires paying the income tax from his IRA.

    4. Roth conversion amounts must be rollover eligible

    A Roth IRA conversion is a two-part transaction:

    1. A distribution from the traditional IRA, and
    2. A rollover to the Roth IRA- which is treated as a conversion.

    Consequently, like a rollover, only eligible amounts can be included in the amount credited to the Roth IRA.

    An example of an amount that is not eligible to be rolled over is a required minimum distribution (RMD). If you are at least 73 this year, you must take RMDs due from your traditional IRA before any Roth conversion.

    Reminder: If the funds are in an employer plan and you are still employed by the plan sponsor, you should check with the plan administrator to determine if you must take an RMD for the year.

    5. Let conversion amounts sit and stay for at least 5-years

    A Roth IRA conversion is not subject to the 10% early distribution penalty, regardless of the age at which it occurs. However, distribution from a Roth conversion amount is subject to the 10% early distribution penalty if it occurs before it has aged in the Roth IRA for at least five years.

    Example 2: Using the facts from Sean’s example above, assume that the conversion was done in 2024. If Sean withdraws any amount from that $80,000 conversion before January 1, 2029, it would be subject to the 10% early distribution penalty unless he qualifies for an exception.

    Reminder: The 10% early distribution penalty does not apply if you are at least age 59 ½ when the distribution is made or if the distribution qualifies for an exception to the penalty.

    Note: Under the ordering rules, any regular Roth IRA contribution or conversions done in previous years would be drawn before Sean’s 2024 Roth conversion.

    Disclaimer

    The tips provided in this article are generally operational in nature. The decision of which to choose—Roth IRAs vs. traditional—is more complex and requires a suitability analysis. However, using some of the strategies mentioned in this article can lessen any immediate tax effect. Except for the tax-free conversion of after-tax funds from a 401(k), the assistance of a tax professional should be engaged to help determine suitability.

    Original Post by Horsesmouth, LLC.: https://www.savvyira.com/article.aspx?a=99588