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The purpose of RMDs is to allow the government some certainty that it will begin collecting taxes on your retirement account. Tax-advantaged retirement accounts like a 401(k) allow you to invest ...
Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Initially, superannuation accounts were considered an employer matter but over time have evolved considerably. Superannaution is portable mainly through a system of preservation until a condition of release occurs (typically retirement) but a superannuation account maintains benefits while retired such as concessional tax on earnings.
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I am 70 and I have $1.4 million in traditional IRAs. Is it best to do $160,000 in Roth conversions for the next 1-3 years to reduce my high RMDs in about 5-10 years? That would put me in the 24% ...
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