SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. Anyone with a 401(k), traditional IRA or similar tax-deferred retirement account eventually is going to face the requirement to start taking required minimum distributions (RMDs) from their accounts. The IRS has allowed you to have what can be decades of tax-free growth in the account, along with years of tax deductions, so they eventually requiring you to start paying those taxes, regardless of whether yo ...

Financial advisor and columnist Brandon Renfro SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. I am 70 and I have $1.4 million in traditional IRAs. Is it best to do $160,000 in Roth conversions for the next 1-3 years to reduce my high RMDs in about 5-10 years? That would put me in the 24% tax bracket and $330 Medicare premium rate. Please give me advice. – Dennis I do think you’re on the right track to at least be considering this. There are plenty of ...