Darcy Bergen, a financial advisor and the president of Bergen Financial Group, specializes in retirement planning and long-term wealth planning. Leveraging his ability to explain complex strategies in accessible language, Darcy Bergen runs a series of financial workshops that cover common retirement issues, such as Independent Retirement Accounts (IRAs).
IRAs are savings vehicles that come in two forms, traditional and Roth. Traditional IRA contributions are tax-deductible, while Roth IRA earnings and withdrawals are tax-free.
For some individuals, converting from a traditional IRA to a Roth IRA may be a strategic move. For example, a worker might want to convert to a Roth IRA if his or her traditional IRA has lost some of its value.
To convert to a Roth IRA, a worker must pay all deferred taxes on earnings and contributions. Calculating the exact amount can be a complex process. Before making any significant financial decisions, speak with a retirement planning specialist.
IRAs are savings vehicles that come in two forms, traditional and Roth. Traditional IRA contributions are tax-deductible, while Roth IRA earnings and withdrawals are tax-free.
For some individuals, converting from a traditional IRA to a Roth IRA may be a strategic move. For example, a worker might want to convert to a Roth IRA if his or her traditional IRA has lost some of its value.
To convert to a Roth IRA, a worker must pay all deferred taxes on earnings and contributions. Calculating the exact amount can be a complex process. Before making any significant financial decisions, speak with a retirement planning specialist.
