"I am in my 70s. Social Security and pension pay all my bills with a bit left over with an income of ~$55K. I own my home, car, golf cart, and have no debt. $500K + in IRA, $20K + in Roth, $20K + in Brokerage. Most will go to charity upon my death. RMDs are split between QCDs and transfer to brokerage. I'm at the 22% tax bracket. SO-- Bottom line: My life is great as it is. I am healthy. I am not a good spender, even now. I have done my traveling. I don't mind paying my taxes, but would prefer not to pay more than necessary. I've been doing Roth conversions every year (~$12,000, paying the tax from my IRA) as tax rates will increase in 2025. But now I am unsure and would like your thoughts. Is it prudent for me to continue to do conversions in the down market? I'm tending towards yes, as I will have to pay tax in the future anyhow with RMDs, but I have friends who say no, as I won't make the costs back. Does it matter when I pay taxes -- now or later? Am I wrong thinking paying now works fine. I'd appreciate your thoughts. - Judi (San Diego)" Download the Charitable Giving Guide to make more tax-advantaged donations: Listen to the entire Your Money, Your Wealth® podcast: Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with any one of our experienced financial professionals: Office locations: Ask Joe & Big Al On Air: Subscribe to our YouTube channel: Subscribe to the Your Money, Your Wealth® podcast: IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period....(read more)
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