I'm 58 YEARS OF AGE. $19,000 IN REG IRA ACCOUNT. STOP FUNDING & CONVERT TO ROTH OR START NEW ROTH ACCOUNT?

Answer 1

At 58 it is a little late to start thinking about these things, but

U will pay taxes on the 19,000 u convert. Since you are so close to being able to withdraw, I would just stop funding and start a Roth and put as much money as possible into it.

Depending on your income when you want some money, I would start with the IRA so you can manage the taxes. The Roth can be easily passed on to your heirs if u don't spend it all - which is the goal right?

HOWEVER, u may have things u haven't said which might effect this.

Answer 2

Stop funding and start new ROTH account.