Our latest Business Owners’ Outlook reveals increased trend to sell.Nearly a year into the COVID-19 pandemic that has devastated our country and economy, business owners are feeling the effects—for better or worse—and taking action.Many business owners are experiencing burnout and exhaustion, resulting in a high percentage moving to retire earlier or looking to sell their companies.
June 9—The global pandemic has created challenging economic times. What strategies can high earners with retirement investments that are currently undervalued, or who expect a low-income year, take advantage of? National Director of Advanced Financial Planning, Bradley Crockett, discusses how this may be an opportune time to convert assets from a traditional IRA to a Roth IRA for long-term tax saving benefits.
The threat of higher tax rates in the future emphasizes the importance of a tax-free source of income. For this reason, a Roth IRA can be a very effective planning tool. By preserving the Roth IRA for as long as possible, you are providing the opportunity for maximum growth to an account that can be income-tax-free.Benefits of a Roth IRAThe benefit of a Roth IRA is that it is essentially an income-tax-free vehicle.