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Paying federal taxes now may be better for you in the long run, explains one financial advisor.

This is a column for The Cincinnati Enquirer

Converting your current retirement accounts to a Roth IRA is typically a very tax-efficient strategy. It can help lower your lifetime taxes significantly. However it does come with a large up-front bill. While there's no way to avoid conversion taxes completely, you can restructure them to make this much more manageable. By staggering out your […] The post How to Reduce Your Tax Liability on a Roth IRA Conversion appeared first on SmartReads by SmartAsset.

If you’re 65 years old and collecting Social Security, you may wonder if it’s too late to convert your $750,000 traditional IRA into a Roth IRA. The short answer is no – there are no legal restrictions to Roth conversion based on age or income. Practically, however, the decision involves carefully weighing tax implications, healthcare […] The post I'm 65 Years Old With $750k in an IRA. I'm Taking Social Security – Is It Too Late for a Roth Conversion? appeared first on SmartReads by SmartAsset.

The end of the year is the perfect time to reflect on your life and to plan ahead, and it goes for all areas of your life including your financial life.