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Heres her reasoning, how to do it andwhy it might be a smart move to make.
For Orman, it doesnt even matter what your income is.
And if you dont have one?
I dont care what tax bracket youre in, Orman toldCNBC.
You have to be crazy to do anything other than a Roth retirement account.
Below are the biggest benefits.
Your portfolio is worth less.
Stocks have gone down, she said.
And maybe your stocks have gone down a whole lot.
The less money you have that youre converting, the less taxes you owe, Orman said.
Youll need to pay taxes on the converted amount, but then your money can grow tax-free.
It can also be withdrawn tax-free during retirement.
Limitations may apply, so its important to understand thecriteria and advantages.
Doing a Roth IRA conversion is easy.
you’re able to also speak with a financial advisor about your options.
Before making any major financial moves, Orman suggested considering your situation.
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