Should You Convert Your Traditional IRA into a Roth IRA?
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Q. My husband and I are hoping to retire in five years and we’re finally ready to do our retirement planning and estate planning. We both have significant amounts in traditional IRAs and are wondering if we should consider converting some or all of that money to a Roth IRA now, while the income tax rates are still historically low, as I understand that these rates are
expected to go up in 2026, or possibly sooner. But we’re also confused about the rules, because we’ve always earned too much income to contribute to a Roth IRA, so are we even eligible to convert?
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Critter Corner: IRS Announces Contribution Limits for IRAs in 2022
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I heard that the Treasury Department has announced inflation-adjusted figures for retirement account savings for 2022. It seems that contribution limits are up for workplace plans. Are they also up for Individual Retirement Accounts?
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