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Considering a Roth conversion?
Could converting to a Roth help you minimize taxes and maximize retirement savings?
We believe that most investors should consider having a Roth IRA as part of their overall retirement plan because they offer tax-free growth potential and withdrawals,1 which has the potential to help minimize taxes and maximize retirement savings. But Roth IRAs have income restrictions, so not everyone has access to one today.
There's good news. If you've been shut out of a Roth IRA because your income is too high, you now may finally be able to have one. On January 1, 2010, the income limits for converting traditional, rollover, SEP, and SIMPLE IRAs, and 401(k) or other workplace savings plans with former employers, to a Roth IRA were removed. Before this change, only people—single or married and filing jointly—with modified adjusted gross incomes of $100,000 and below could convert. (There will still be income limits for contributing to a Roth IRA this year and beyond.)
So does converting some of your savings to a Roth IRA make sense for you? Fidelity has resources to help you decide.
* Additional state tax implications may apply.