The Grapes of Roth

Posted by: Bruce Lefavi in investment on Jul 14, 2009 Print PDF

Can you spare some change?
Deciding to convert a traditional IRA to a Roth IRA just got easier thanks to the Democrats. Obama, like a kid in a candy store, is spending like crazy and driving up the deficit. Cut through the sugar coated rhetoric and, once the economy starts to recover, you'll find one hefty bill left for taxpayers!

It's time to pay the piper.
So, what are you going to do? Did somebody say, "Impeach Obama?" Hmm... I like where you are going with that, but that could take years and right now you're better off with a Roth IRA. Think about it: with higher taxes looming in our future and the market nearing bottom, the time is ripe to give the government their share. After all, I'd rather pay 25-35% now than 60% later. The government has been your partner ever since you started saving, waiting to cash in on his portion of your retirement. Now is your chance to buy him out for cheap; plus, you won't have to worry about him coming for his cut later.

Go long!
A Roth Conversion especially makes sense now if your investments are down, and you expect them to go back up as the market recovers. Convert to a Roth IRA now, and pay the taxes on the depreciated value of your portfolio, then you can sit back and watch your investments grow tax free.

Everyone deserves a second chance.
Are you still worried that converting to a Roth IRA might not be a good idea? Well go ahead and swing anyway, because if you change your mind next year- you get a mulligan, baby! Roth IRA conversions are reversible. If you can't decide between converting now, in case they raise taxes, and waiting until 2010 so you can spread out the taxes over 2011 and 2012. Do it now and you can reverse it later if they don't raise taxes next year.

Double take.
In fact, you can reverse a Roth conversion and then reconvert it back to a Roth IRA again. If you already converted back when your portfolio was worth more, reverse it and then reconvert it back so that you are not stuck paying taxes on the balance before it went down. There are so many benefits, I can't think of a reason not to do it. A Roth IRA conversion truly is a beautiful thing!

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