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3.3.20 Roth conversions post SECURE Act; Making your employees feel appreciated
The SECURE act has brought changes to how retirement accounts work, how they're taxed and inherited. Pre-taxed money goes into traditional IRAs. Contributions + earnings are all taxable upon withdrawal. With SECURE Act changes and tax rates only expected to rise in the future due to massive budget deficits, there's a big advantage to convert money over time from traditional to Roth IRAs. Once you pay the taxes at today's lower rates, that money becomes tax free for the rest of your life. Also, it's best for beneficiaries to inherit a Roth IRA vs. a traditional. If you have IRA money and can…
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