No. of Recommendations: 1
I think a good part of the picture is whether you expect your income (and thus your marginal tax rate) to be higher now or in retirement. The rule of thumb is to pay taxes when one's marginal tax rate is lowest.

If your marginal tax rates are higher now, don't convert.

If your marginal tax rates will be higher in retirement (e.g., due to a good pension, or a desire to take a chunk of sheltered money out for a major purchase) and you can pay taxes now from savings or other (unsheltered) money, then it may make more sense to convert now or convert part of it at a time over a few years.
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