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We’re in our 50s and have $1.5 million in traditional 401(k)s. Is it too early to start Roth conversions?
Individuals who are in their 50s have accumulated $1.5 million in traditional 401(k) accounts and question the optimal time to begin Roth conversions. This inquiry is highlighted by concern stemming from a prior experience where an adviser lost a significant portion of their portfolio.
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- I’m 63 and a retired CPA. I have a $1.2 million 401(k). Do I need a Roth conversion?
- I’m 55 and retiring in 6 years. Should I be switching to Roth 401(k) now?
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- I’m 53 and want to retire in 12 years. Is 5% enough to put in my 401(k)?
- I’m cutting my 401(k) contribution to 3% for one year to help with moving expenses. Is that risky?