Ready to Retire? It's Not Too Late to Convert to a Roth IRA

IRA in small letters with a curved arrow pointing to the words Roth IRA against a blue sky.

In 2025, a record 4.18 million Americans will turn 65. For those planning to retire soon, an important question arises: Does converting retirement savings from a tax-deferred account to a Roth IRA make sense — or is it too late?

Before making a decision, it's important to consider the pros and cons of a Roth conversion. A starting point is understanding what a Roth IRA is and how a conversion impacts your tax liability, both in the short and long term.