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Traditional IRAs are the opposite contributions are tax-free but you will have to pay taxes on withdrawals.
Thats certainly happening this year, according to a spokesperson forBoldin, a financial planning platform.
Google searches for Roth conversion calculator are at a five-year high.
The platform saw 128% growth from October 2023 to October 2024.
During the past three months alone there has been a 22% increase in Roth Conversion Explorer activity.
But there are some potential downsides to converting to a Roth IRA if you dont have the right strategy.
Each institution has a slightly different process or forms.
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