Hi @fightmenow1-- ,
Sure, anything is possible, but maybe not advisable.
Here are a couple of links with information on how this can be done on your own:
How to Convert to a Roth IRA (I love Investopedia)
Roth IRA Conversion: Definition And Rules ( I also love NerdWallet)
However, I would strongly advise that you reach out to a financial advisor before taking the plunge. They can do an analysis of your tax rate today with Roth conversion and your tax rate if you pay the tax when retired. It’s suggested you use assets outside of retirement accounts to pay any taxes resulting from the conversion as those funds would no longer be potentially growing tax-free within the Roth IRA. You obviously want to pay the tax in the lowest tax bracket possible. There is some guessing, because you don’t really know what size your nest egg will be in retirement and you don’t know how tax brackets will change. When RMDs hit, you don’t want your SS, pension, dividends and interest plus the additional from the RMD to push you into a higher bracket. But with a little research and time, you can do the same thing for yourself.
If this post answers your questions, please give it a thumbs up! Thanks for reaching out!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
