There has been a lot of discussion this year on whether or not someone who currently has a traditional IRA should convert it into a Roth IRA.
In this column we will take a look at how Roth IRAs work, and if it makes sense to convert your IRA into a Roth.
First, let’s take a look at a brief history of Roth IRAs. Roth IRAs were established in 1997 as part of the Taxpayer Relief Act to offer another way for Americans to save for retirement.
Although contribution limits are the same with Traditional and Roth IRAs, there are some major differences.