Timothy Sumer

Roth IRA Conversion EXPLAINED in 3 Minutes! 🚨 (Roth Conversion Strategies for tax free growth) 🔍 What is a Roth IRA Conversion? A Roth IRA conversion is a process where you move funds from a Traditional IRA or a 401(k) into a Roth IRA. Unlike Traditional IRAs, Roth IRAs offer tax-free withdrawals during retirement, making them a powerful tool for tax planning. While conversions trigger immediate taxes, the long-term benefits can be substantial. 💡 📈 The Power of Tax Diversification By converting a portion of your retirement savings to a Roth IRA, you create tax diversification. This means having money in both pre-tax and after-tax accounts, giving you flexibility in managing your tax liability during retirement. It's like having different buckets to draw from, providing more control over your finances. 🚀 ⏰ Timing Matters The decision to convert depends on various factors, including your current and expected future tax rates, time horizon, and financial goals. Conve

In This video, Troy Sharpe, CFP® discusses the Roth Conversion Strategy, was provided directly to clients of Oak Harvest Financial Group and intended only for their use. It is presented here for informational purposes only. The tax strategies discussed may not be right for your personal situation and this video should not be taken as tax advice. Consult with a financial or tax professional before undertaking any new tax strategy. retirement planning Roth Conversion The tax reform that made it through congress in January of 2018, known as the Tax Cuts and Jobs Act of 2017, created potentially excellent opportunities to strategically plan for Roth Conversions. Not only have income tax rates been lowered, but tax brackets have been widened. This means that individuals can now take more money out of IRAs and pay less in taxes when compared to prior years. Navigating the impact of taxes on retirement requires a thorough knowledge of the tax code and a deep understanding of t