With having a traditional IRA and at the same time you wish to move on to an IRA rollover Roth is not a problem per se. Indeed, it is always advisable to opt for an IRA rollover Roth for all the good reasons including tax benefits.

Your tax rate is substantial if you convert the traditional one to a Roth and especially in the case of high income; you can vouch for future tax-free during retirement. To keep it simple, you may choose to transfer all or a part of the current balance to a Roth IRA. This is a perfect retirement strategy though you will be paying taxes on the income, basis the account type except rolling from Roth 401(k) to Roth IRA and traditional 401(k) to a traditional IRA.

All said and done; you can be rest assured of a tax-free income system while withdrawing funds during retirement in a Roth IRA. Not to defend Roth IRA particularly, both traditional and Roth are possibly the best financial plans, yet traditional requires you to pay income tax in retirement. Coming to the point, IRA rollover Roth is possible as long as you are in tandem with the laid conditions and qualifications. The mandate from converting a traditional to a Roth was an income bracket under $100,000 has been removed which makes it a go for all the high-income earners. The backdoor terminology lets you go Scott free of all the taxes while converting, wherein you are required to pay income tax on the contributions. In a nutshell, your initial contributions have been taxed already giving you a sigh of relief from tax during distribution. Essentially, you turn out to be a smart taxpayer and a smart saver in the longer run. Additionally, the social security benefits also stay intact if you have converted your assets to a Roth IRA. Also, do note that the required minimum distribution is not a mandate in case of a Roth IRA.

An IRA is certain for its tax benefits, and qualifying distributions and a Roth IRA distribution is a must consideration for its overall tax-free and penalty-free feature provided you have met the five-year period requirement and any of the following conditions:

• Reached 59 ½ years of age
• In case of death
• In case of disability
• First-time home purchase

A Roth conversion is perfect under the following the conditions:

• Earnings are way too high making it imperative to contribute to current
• Ensuring that the amount getting converted is not triggering unnecessary tax payments
• Your IRA has taken a backseat in the form of losses, and so you get an advantage in paying less tax while converting to a Roth

So how do you make this whole IRA rollover Roth execute? Reach out to a brokerage firm to keep it hassle-free. Or opt for a direct trustee-to-trustee transfer. In case you want to stick to the current firm, just ask your financial institution to entitle the traditional as a Roth IRA. Alternatively, you can go for the 60-day rollout plan wherein there is a direct delivery of the funds to a Roth IRA. Just to give a heads up, all other IRA’s including SIMPLE, SEP, 457 (b) and 403(b) can also be rolled to a Roth account.

Listed below are some of the top picks in the US that offer the best IRA account and IRA rollover Roth:

• E*Trade: Offers a breadth of IRA investments with loaded information on the nitty-gritty of IRA and provide investment requirement for Roth IRA’s
• MERRILL EDGE: No account minimum is required for Roth IRA
• TD Ameritrade: Great for all those who want to roll over a 401Kand for all those who don’t understand IRA
• Scottrade: Its IRA is the best in the industry especially for new investors
• Betterment: Perfect for investors and those who want to set their retirement goals and perfect for Roth IRA with no minimum account
• Wealthfront: For the novices, people between the age of 30-40 and perfect for Roth IRA with no minimum account
• Ally: Offers high yield IRA with bonus on new accounts and provides Roth IRA provider for active traders
• Fidelity: No fees required to maintain an IRA account and offers Roth IRA at low cost
• Capital One Investing
• Charles Schwab: Best option for IRA with brokerage offering several commission-free funds
• Vanguard: Best in the industry about everything related to IRA and Roth IRA

In recent years the IRA rollover Roth has evolved and improved big time regarding its services and the overall tax structuring. The need of the hour is to prioritize your tax plan when young so to reap retirement benefits. And what better way it could be then an addition of a IRA rollover Roth to your retirement plans. Eventually, you are creating assets, savings and accumulating wealth by taking that one step towards smart retirement.