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Because Roth accounts are not subject to the required minimum distribution (RMD) rules that apply to 401(k) accounts, a retirement saver may want to consider converting funds from a 401(k) to a ...
Some people opt to do a Roth conversion, moving funds from a pretax retirement account such as a 401(k) into a Roth IRA. This allows you to take your distributions tax-free (though you do pay ...
For example, Paul is 60 years old and, after years of diligent saving and successful investing, he’s amassed a large balance in his retirement accounts, including his traditional IRA.
In short, doing a mega backdoor requires you to make after-tax contributions to a 401(k) and then convert them to your Roth 401(k) or to a Roth IRA. However, it depends on what your workplace ...
The post We’re 60 and Have $2.5 Million in Our 401(k)s. Should We Pivot to Roth Contributions? appeared first on SmartReads by SmartAsset. ... At age 60, switching your retirement contributions ...
While you don’t get the upfront tax savings with a Roth that a 401(k) provides, you do get the benefit of tax-free withdrawals after retirement age. Converting pre-tax funds into Roth funds can ...