Some Americans may be preparing to convert their retirement assets into Roth accounts in response to President Biden’s future tax plans, but they should hold off before jumping into that decision.
“There’s a huge awareness that taxes will go up somewhere, somehow, some place in time,” said Stephen Resch, a wealth adviser and vice president of retirement strategies at Finance of America Reverse. “Preretirees are concerned and strategizing about how to mitigate their exposure.” Also consider what the income-tax rates will be depending on what state you live in at retirement, and what the tax rate will be when Social Security and required minimum distributions begin, Schmehil said.
Have a question about your retirement, including where to live? Check out MarketWatch’s column “Help Me Retire”
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