In this episode of Ask the Hammer, the Retirement Daily reader's question is:
I’m retired at the age of 71 this year (2022), and I will begin to have to take RMDs of about $50,000. However, I want to take out about $75,000… can I convert the excess $25,000?
Our expert, Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, has the answer to this question.
Levine discusses both the questions of "can you" and "should you" convert the excess. He also talks about the taxation of the money taken out, and how earnings on the money may be treated.
Stay tuned for more Ask the Hammer!