No. of Recommendations: 2
Is my understanding correct??

Yes.

I would do this over a few years and minimize the tax rate.

This is the key. If you end up paying a higher tax rate when doing the conversion than you would if you just let everything ride and withdrawn it from the traditional, you will cost yourself money.

Of course, then the question becomes, what do you think your individual tax rates will be in the future, compared to what they are now?

AJ
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