Ask an Advisor: We're 70 With $99k in Income and $1.4M in Savings. Is It Too Late for a Roth Conversion?

Group 1 - The ability to convert to a Roth IRA is not limited by age, and there is no earned income requirement for conversion [1][2] - The primary consideration for a Roth conversion should be whether it aligns with the goals for the legacy of wealth, especially as individuals approach required minimum distributions (RMDs) [2][3] - Financial advisors can assist in managing the tax implications of a Roth conversion strategy [3] Group 2 - If the intention is to leave wealth to a charity, converting to a Roth may not be beneficial, as taxes would not be due on the IRA balance when passed to a qualified charity [5] - Conversely, if the goal is to leave wealth to family members, converting the IRA to a Roth could ensure that beneficiaries receive tax-free assets, although it may not maximize tax savings [7][8]