Need some "fresh eyes" input on this. And I need to decide ASAP to make any changes before year-end.
- Single with no heirs to worry about.
- Collecting a small pension currently.
- Planning on taking SS at 70.
I have ~80% of my savings in tIRAS and ~20% in ROTHs. (I used most of my after-tax savings in my early retirement years.)
I am approaching RMDs in a few years.
RMDs plus SS (when added to my pension) will likely push me into Tax Torpedo AND IRMAA territory forever.
I'm in the 22% tax bracket now.
I have a little headroom in the next few years to make some ROTH conversions (~$15K-20K before I am hit with IRMAA surcharges on Medicare Part B and Part D), but will have to pay the additional taxes due on making any conversion out of tIRA.
With this scenario, does it even make sense to convert?