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04 Sep, 2009

Roth IRA to be more accessible, but may not be best for all

Posted by: admin In: Roth IRA News

While the law allows investors to convert a traditional IRA to a Roth, the income cut-off for that is even lower: $100,000, for single and married couples who file jointly.

Soon, though, these barriers to a Roth IRA will crumble.

Starting in 2010, the income limit on Roth conversions will disappear, providing a backdoor way for anyone who has an IRA to own a Roth.

Brokers and financial planners are eagerly informing their clients of this opportunity to shelter their retirement savings from taxes.

Many are advising their clients to put money in a non-deductible IRA now so they can convert it next year.

But converting isn’t for everyone. Reasons you shouldn’t convert your IRA to a Roth:

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