Are Taxes Your Biggest Retirement Risk?
One effective strategy to mitigate the risk of future tax increases is to convert your traditional 401(k) or IRA into a Roth IRA. Roth conversions involve transferring funds from a traditional retirement account into a Roth account, where future withdrawals are tax-free. It is a part of personal tax planning. By paying taxes on the converted amount at current rates, you can lock in today's tax rates and shield your retirement savings from future increases.
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