5 reasons to consider a Roth IRA conversion in your 50s.
Reason 3: YOU PLAN TO MOVE WHEN YOU RETIRE
Are you thinking of retiring to a high-tax state like New York, New Jersey or California? Are you currently living in a state where taxes are lower? If you answered yes to either of these two questions, then converting at least part of your Traditional IRA to a Roth IRA before you make the move might make sense.
If you live or plan to retire to Florida or one of the other 8 states (Alaska, Nevada, Tennessee, Texas, Washington, Wyoming, South Dakota, and New Hampshire) where there is no state tax, the reasons for converting a Traditional IRA to a Roth IRA diminish. Plus some states don’t tax retirement income or Social Security income. Different states treat Roth IRA conversions differently, so get expert advice before you make a Roth IRA conversion.
Continue to read Pt. 4 here.
