Should I Convert My IRA to a ROTH IRA? (The Math Behind The Decision)

Should you convert your IRA to a Roth IRA? In this video, I will explain the math behind whether or not you should convert your IRA to a Roth IRA. I'll discuss the pros and cons of each option and help you make the best decision for your financial goals.

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🔑 Key Insight: "There are a ton of tools out there…" 4:17

The distinction between a Roth Individual Retirement Account (IRA) and a Traditional IRA primarily lies in the tax structure. With a Traditional IRA, contributions are tax-deductible, meaning individuals can lower their taxable income in the year they contribute. However, the significant advantage is that all future withdrawals are tax-free during retirement under current tax laws. This includes both the contributions and the earnings on those contributions.

If you've been considering converting your IRA to a Roth IRA, this video is for you.

Looking at the potential benefits of converting your IRA to a Roth IRA and exploring the details behind the decision will prepare you to make a critical decision. I'll explain the implications of this decision and help you answer the question: Should I convert my IRA to a Roth IRA?

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Show Notes:
0:00 Intro
1:45 Investments
4:09 Calculations
6:18 Tax Bracket
8:41 Conversion Calculator (Voya)
20:17 Rule of Thumb
22:25 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

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