At 65 with $1.2 million in an IRA, consider converting to a Roth IRA for tax-free withdrawals and no mandated distributions. Converting all at once can lead to high taxes, but partial conversions tailored to your situation can lower the tax burden and provide for a tax-free inheritance later.

Roth conversions shift retirement money from a traditional IRA to a Roth IRA, offering tax-free withdrawals and no required minimum distributions. Consider partial conversions over several years to reduce tax burden. Seek advice from a financial advisor for personalized guidance on Roth conversions and retirement planning.

A couple evaluates a Roth conversion for their $1.2 million IRA. Converting all at once could result in a large tax bill, but spreading it over 10 years may lower taxes. Consider factors like future tax rates, Social Security benefits, and Medicare premiums before making a decision.

Evaluate a Roth conversion carefully with a financial advisor. Consider tax implications, inheritance goals, future tax rates, income streams, and healthcare costs. Analyze your financial plan thoroughly to determine if a Roth conversion is the right move for you.

A Roth conversion may not be the best option for everyone, especially if it leads to a significant tax bill. Consider partial conversions over time to manage taxes effectively. Consult a financial advisor to determine the best approach for your specific financial situation.

Read more at Yahoo Finance: I’m 65 With $1.2M in an IRA and Social Security. Can I Still Convert to a Roth IRA?