I'm currently 30 years old, married, no children, yet. I had a 401k plan with about $7,000 which I had to roll over into a traditional IRA because I left my previous employment and I wanted to continue contributing to my plan. I also have an additional traditional IRA which I opened about 5 years ago and have $10 a week automatically deducted from my checking account and currently has a balance of $2670.78. What I am wondering is if it would be beneficial for me to move some of my money from my traditional IRA into a roth IRA?
Yes, if you qualify (in terms of income) and provided the conversion is not so large that it puts you into a high tax bracket, it is usually worth your while to do a Roth conversion.It seems that you already have two accounts. Why not combine them. By opening a third, Roth account, you complicate the paperwork and pay increased maintenance fees. Its better to consolidate your accounts whereever possible--especially while they are small accounts.
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