Posted by admin | Posted in Build a Shed | Posted on 14-12-2009
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401k rollover to a Roth IRA for a married couple, both 60, Does it make sense financially?
With the new rule effective from March 2008 that allows a Roth IRA 401k download, could shed some light on this scenario: A couple, both over 60 file jointly and earn less income when retired. At present both work and earn 100,000. When he retired your income will be 46,000. Combined contain 300,000 in your 401k and let me know if you have financial sense to rollover to a Roth IRA. Thank you for your help.
The short answer is – depends on the tax rate. We will have 3 scenarios: Tax rates remain the same, your taxes are lower in retirement and, finally, your taxes are higher in retirement. Assumptions: 1) You pay for the conversion was out of pocket (as opposed to funding the account with money in 401 (k)). 2) If not converted, to invest what would have paid the costs of conversion a liability account. Currently, the marginal tax rate is 28% and in retirement will be 25%. Pay 28% now, when you can pay 25% after a ROTH ago less attractive. If the government decides to increase taxes when you retire, a Roth makes more sense. Now, there are other subtle differences between the types of accounts as required distribtions least, the real purpose of planning. This example does not take this into account. You can make a case in any case, if the government will raise or lower taxes in the future. Since we do not know for sure, I suggest another option. Rollover 1 / 2 of your account. Keep some in a pre-tax account (401k) and some in an account after tax (Roth). This is a different kind of diversification – diversification of taxes. See the source I listed the forefront.
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