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Roth conversions in a bear market

Roth IRAs and Roth 401ks are retirement accounts that not only grow tax free but when it comes time for retirement, the withdrawals are also tax free. So having Roth assets gives you access to retirement money without capital gains or income tax and remember, too much taxable income in retirement can also impact your medicare premiums.All of this is why our next guest says that if you haven’t converted a traditional IRA to a Roth yet, the current bear market in stocks may be providing an opportunity to do so.

Mike Switzer interviews Thomas Manly, a certified financial planner with Hobbs Group Advisors in Columbia, SC.

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After almost 20 years, Mike Switzer retired from Wells Fargo Securities in 2001 as Senior Vice President/Investment Officer and Certified Portfolio Manager. In 1999, he and his wife, Maggie, purchased and operated for eight years the Baskin Robbins ice cream store on Forest Drive in Columbia. They grew the store from a bottom-tier operation in the Baskin Robbins franchise system to one in the top 5% nationwide within three years, tripling sales along the way. While operating the ice cream store, Mike and Maggie received patents for a portable ice cream sink and fold-down sneezeguard they invented and in 2002 started Magnolia Carts, an ice cream cart manufacturing company, which they sold in 2013.