I am 70 years old, married with $1730000 in traditional IRA and $84000 annually in retirement income

Hey there,

First off, kudos to you for your solid financial planning! As for your question, converting from a traditional IRA to a Roth IRA is a thoughtful strategy to potentially reduce taxes in the long run. But remember, every situation is unique and this advice is general.

1. Consider a multi-year conversion plan: Spread out the conversions over several years to manage the taxable income each year and potentially stay within lower tax brackets.

2. Use your retirement income wisely: Your $84,000 annual retirement income can be a buffer. Use part of this income to pay the taxes due on the conversion, and avoid dipping into the IRA itself.

3. Keep an eye on IRMAA: Any extra income, including a Roth conversion, could potentially push you into a higher IRMAA bracket. So, it might be smart to consider the Medicare premiums when planning the amounts and timing of your conversions.

4. Monitor your tax situation with BearSavings Tools: Our Savings Goals Tracker and Daily Challenges can help you stay on top of your finances during this process.

At the end of the day, it's all about balance. You want to convert enough to take advantage of the Roth benefits, but not so much that you're paying through the nose in taxes. It can be a bit of a juggling act, but you've got this!

Remember, the best plan is one that works for you and your unique situation.