I'm 58 With $1.7 Million in My 401(k). Should I Convert 10% Annually to a Roth to Reduce Taxes and RMDs?

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. Transferring retirement savings from a 401(k) or similar tax-deferred account to a Roth IRA can help keep you from having to make taxable withdrawals by the time your reach your mid 70s. This can reduce your tax burden after retiring, but it won't necessarily save on taxes overall. That's because any funds converted to a Roth are taxed as ordinary income at your current rate, which can lead to a steep tax ...