Janeen is joined by Brian Decker, Owner and Founder of Decker Retirement Planning to talk about Roth Conversion and what is so special about a Roth IRA account.
Brian tells ABC4 Utah viewers that an account grows tax free, it distributes income to you tax free and it passes to your children tax free when you die. This type of account is for most people, the largest tax saving strategy available today saving most clients over $100K in taxes in their lifetimes.
If we turned your $100K IRA into $1 million would you be content? BUT, you could have paid taxes on $100K and now you pay taxes on $1 million, you would not be as happy, right? Because Decker Retirement Planning is Fiduciaries to their clients and since they are a math-based firm, here is how they convert IRA money to Roth:
- Step 1 – Look at your Gross income, minus your standard deduction to get your AGI.
- Step 2 – Look and see how much room you have in that tax bracket before you bump to a higher bracket.
- Step 3 – That is how much you should convert from an IRA to a Roth this year.
Tips to remember: It must be done before December 31st each year and It should ONLY be done with Risk money.
The Roth CONVERSION doesn’t have any income limitations. Anyone can do it and most should each year. Decker Retirement Planning knows exactly, to the dollar, how much to convert each year for their clients.
Be sure to contact Brian and the team at Decker Retirement Planning to help you with your retirement questions. Brian and Decker Retirement Planning will help you plan for your retirement future. You can contact them by calling (855) 425-4566 or you can visit their website.
This article contains sponsored content.