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Many Roth conversion calculators have built-in assumptions that skew the results in favor of converting to a Roth. But for many high-net-worth clients and even young clients, paying taxes now is never a good thing. Before you recommend a Roth conversion, consider the client's goals and model the various scenarios.
Analyzing whether to convert to a Roth is terrifically complicated. We step you through a hypothetical conversion—with a quick look at three calculators—to discover that Roth conversions aren't for everybody. But that doesn't mean you shouldn't have the Roth conversation with every one of your clients.
Will taxes be higher now or later? That is the big question that needs to be answered when deciding whether clients should convert their traditional IRAs to Roths. Fortunately, there are several strategies that can hedge a conversion now and mitigate the short-term tax hit.
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