If you’re looking to minimize taxes in retirement, or anytime before, one of the options is converting your traditional individual retirement account (IRA) into a Roth IRA. This shifts the tax burden from a future date to the present day. Before you make such a move, though, it’s important to consider what this will mean to your finances.
Minimizing taxes in retirement seems very appealing. Once you stop working, your income in retirement will come in part from your savings so the less taxes you can pay, the more money you will have available for enjoying your life.