Using a Roth IRA over a traditional individual retirement account does have its advantages.
For one, with a Roth IRA, you don’t have to pay taxes on the money you withdraw when you retire.
But you have to consider the trade-off if you plan to convert your existing retirement account into a Roth IRA.
And current economic conditions have created opportunities and options for you.
In this episode of The Bull & The Bear, staff writer Matthew Clark talks with Money & Markets contributor Charles Sizemore about when the right time is to make a conversion to a Roth IRA.
They discuss the ins and outs of converting and tell you what the advantages and disadvantages are for doing so.
Something else you can do is convert a traditional IRA into a Roth, which is commonly referred to as a backdoor Roth IRA.
We also discuss what a backdoor Roth contribution is and whether it’s something you should take advantage of.
You have to remember that it’s your money and you have to make the best decision on what to do with it when the time arises, so let us light potential paths for you.
The Bull & The Bear
Led by Chief Investment Strategist Adam O’Dell and a team of finance journalists, traders and experts, Money & Markets gives you the information you need to protect your nest egg, grow your wealth and safeguard your financial well-being.
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