Here's my situation:
I'm 57 years old, retired and my plan (for now) is to take SS at 67.
I've been doing partial Roth conversions for the last four years to the top of the 12% bracket. I pay the taxes on the conversions out of my regular personal taxable brokerage account.
When I run my numbers I realize that RMDs won't be required until 75 and that and SS will have me still in the same tax bracket I am now. I liked the idea of having a large Roth in the future, but now I'm thinking why use my taxable brokerage account money to pay taxes when I can keep it invested by not doing Roth conversions?
I initially thought that years out my tax bracket would definitely be higher than it is now, but that might very well not be the case.
Thoughts or any insight would be welcome.
Thank you.
I'm 57 years old, retired and my plan (for now) is to take SS at 67.
I've been doing partial Roth conversions for the last four years to the top of the 12% bracket. I pay the taxes on the conversions out of my regular personal taxable brokerage account.
When I run my numbers I realize that RMDs won't be required until 75 and that and SS will have me still in the same tax bracket I am now. I liked the idea of having a large Roth in the future, but now I'm thinking why use my taxable brokerage account money to pay taxes when I can keep it invested by not doing Roth conversions?
I initially thought that years out my tax bracket would definitely be higher than it is now, but that might very well not be the case.
Thoughts or any insight would be welcome.
Thank you.