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For those closer to retirement, strategies such as the Mega Backdoor Roth conversion can be explored, especially for high-income earners.
Retirees
For individuals aged 59½ or those already retired, implementing a Roth conversion strategy can lead to substantial tax benefits. It is crucial to design a comprehensive retirement plan before engaging in Roth conversions, ensuring that other financial elements—such as Social Security and healthcare costs—are addressed first.