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Asked 5/31/2008
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I am 64 and considering rolling over my 401K to a Roth IRA. Is this a good idea and what are the sticking points? The 401K amount is $500K Can I pay the taxes out of the 401K money? Are there tax consequences i.e. my current tax rate is 11%. Is that what I would have to pay for taxes on the rollover? I expect my taxes might increase in retirement when I won't have a high mortgage, nor any dependents except for my wife. |
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