Dear Wealth Wise: I'm 75 with a large traditional IRA balance. I'm already taking RMDs. I want to create a tax-efficient inheritance, but converting to a Roth IRA will only bump up my tax rate and IRMAAs. Did I miss my chance? — Late to the Roth Party

Dear Late to the Roth Party : Retiring with a large traditional IRA balance is a good thing in theory. In practice, it can create complications.

A large traditional IRA can lead to large required minimum distributions (RMDs), which can result in high taxes. Plus, massive RMDs can trigger income-related monthly adjustment amounts, or IRMAAs , which could raise Medicare premiums by hundreds of dollars per month.

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