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If you’re 64 with $750,000 in an IRA and collecting Social Security, you may be wondering if it’s too late to convert your traditional IRA to a Roth IRA. The good news is that there’s no age limit on Roth conversions, but timing matters. Converting now could mean paying taxes on the amount you move, but it may also reduce future required minimum distributions (RMDs) and provide tax-free income later in retirement.
A financial advisor can help decide if Roth conversions are right for you. Speak with a fiduciary financial advisor today.
How Roth Conversions Work
A Roth conversion involves moving money from a traditional IRA into a Roth IRA. Unlike traditional IRAs, which are funded with pre-tax dollars, Roth IRAs are funded with after-tax money. That means you’ll owe income tax on any pre-tax funds you convert.
There’s no age limit for Roth conversions, and you can convert as much or as little as you want. However, the amount you convert is added to your taxable income for the year, which could push you into a higher tax bracket or affect the taxation of your Social Security benefits.
For 2026, the federal income tax brackets range from 10% to 37%. The 24% bracket begins at $105,701 of taxable income for single filers and $211,401 for married couples filing jointly, while the 32% bracket begins at $201,776 and $403,551, respectively. These thresholds can help you estimate how much of a conversion may fall within a particular marginal tax bracket.
A financial advisor can help you project how much you could owe in taxes on a Roth conversion and potentially develop an alternative strategy.
How Social Security Affects a Roth Conversion
If you’re already collecting Social Security, a Roth conversion can have tax implications. Social Security benefits may be taxable depending on your combined income, which includes your adjusted gross income (AGI), nontaxable interest and half of your Social Security benefits.
For single filers, up to 50% of benefits may be taxable if combined income is between $25,000 and $34,000, and up to 85% may be taxable if combined income exceeds $34,000. For married couples filing jointly, the corresponding thresholds are $32,000 to $44,000 and above $44,000.
Because a Roth conversion increases your AGI, it could cause more of your Social Security benefits to become taxable in the year of the conversion. This doesn’t mean you pay an 85% tax rate on your Social Security. Instead, up to 85% of your benefits may be included in taxable income.
Once the money is in a Roth IRA, qualified withdrawals generally don’t count toward your taxable income, which can help manage taxes later in retirement.
Is 64 Too Late to Convert to a Roth IRA?
At 64, it’s not too late to convert to a Roth IRA. In fact, you still have several years before RMDs begin. Under current law, someone who is 64 in 2026 generally will have an RMD starting at age 75.
This gives you time to spread conversions across multiple years rather than converting the full $750,000 at once. Smaller conversions may help limit how much income falls into higher tax brackets and reduce the effect on your Social Security taxes.
For example, instead of converting $750,000 in a single year, you could convert a portion each year based on your taxable income and tax bracket. The appropriate amount would depend on your filing status, other income, deductions and tax goals.
Another consideration is how long the converted money will remain invested. The longer it stays in the Roth IRA, the more time it has for potential tax-free growth. Investment returns are not guaranteed.
Understanding the Five-Year Rules
Roth IRAs have five-year rules that can cause confusion for people considering conversions later in life. Each Roth conversion has its own five-year period for purposes of the 10% additional tax that can apply when converted funds are withdrawn early. However, that penalty generally doesn’t apply once you reach age 59 ½. Since you’re 64, you can generally withdraw converted amounts without the 10% early-distribution penalty.
A separate five-year rule determines whether Roth IRA earnings can be distributed tax-free. Generally, a qualified distribution requires that at least five tax years have passed since the first year for which you made a contribution to any Roth IRA and that you meet another qualifying condition, such as being at least 59 ½.
If you have never had a Roth IRA before, this second five-year rule can still matter at age 64. The five-year period generally starts Jan. 1 of the tax year for which your first Roth IRA contribution or conversion is made.
How a Roth Conversion Could Affect Medicare
A conversion can have consequences for Medicare costs after you enroll. The income reported on a federal tax return generally feeds into Medicare’s calculation of income-related surcharges for Part B and Part D two years later.
So, money converted at age 64 could contribute to a higher income figure used for Medicare premiums at age 66. Depending on your total income and the applicable thresholds, that could add Medicare surcharges to the other costs of converting.
This makes Medicare one more factor to consider when deciding how much to convert in a particular year. A financial advisor or tax professional can compare different conversion amounts alongside your income taxes, Social Security benefits and potential Medicare costs.
Potential Benefits of Converting at 64
Converting some or all of your IRA to a Roth may offer several benefits. One is reducing future RMDs. Traditional IRAs require distributions beginning at the applicable RMD age, while Roth IRAs owned by the original account holder don’t have lifetime RMDs. Converting some of your $750,000 IRA reduces the balance that will eventually be subject to RMDs.
Another potential benefit is tax diversification. Having both traditional and Roth retirement accounts can give you more flexibility when deciding where to take withdrawals in retirement.
A Roth IRA may also be useful for estate planning. Beneficiaries generally receive qualified Roth IRA distributions tax-free, although inherited Roth IRAs are subject to distribution rules. Many non-spouse beneficiaries must empty an inherited Roth IRA within 10 years.
When a Roth Conversion May Not Make Sense
A Roth conversion isn’t automatically beneficial. If your current marginal tax rate is higher than the rate you expect to pay when withdrawing the money later, paying taxes on a conversion now could be less attractive.
The source of the money used to pay the conversion tax also matters. If you have cash outside the IRA to cover the tax bill, the full converted amount can remain invested in the Roth. If you use IRA assets to pay the tax, less money remains invested for future growth. At age 64, any taxable IRA funds withdrawn but not converted may also be subject to the 10% early withdrawal penalty if the account holder is under age 59½, although that penalty generally would not apply at age 64.
State taxes should also be considered. A conversion may be subject to state income tax depending on where you live, and your future state of residence could affect the comparison. The conversion can also increase your AGI enough to affect other tax provisions, including deductions, credits and Medicare premiums.
Converting $750,000 All at Once vs. Over Time
Converting the entire $750,000 IRA in one year could create a significant tax bill because the taxable portion of the conversion is added to your other taxable income. In 2026, a $750,000 taxable conversion by itself would put some income into the 37% federal bracket for a single filer, while a married couple filing jointly would remain below the 37% threshold based on the conversion alone. The 37% bracket begins above $640,600 in taxable income for single filers and $768,700 for married couples filing jointly. Other taxable income could change that result.
A series of partial conversions can spread taxable income across several years. For example, if your other taxable income leaves room in a tax bracket you’re comfortable with, you could convert an amount that fills some or all of that remaining bracket each year.
This approach doesn’t guarantee lower lifetime taxes. Future tax rates, investment returns, income needs and changes in tax law can affect the result. But comparing several conversion schedules can show how the timing changes the upfront tax cost and future traditional IRA balance.
Wondering how much your Roth IRA could grow over the next five, 10 or 20 years? Use SmartAsset’s Future Value Calculator to run the numbers.
Bottom Line
At 64, it’s not too late to convert a $750,000 traditional IRA to a Roth IRA, even if you’re already collecting Social Security. You may have more than a decade before RMDs begin, giving you time to consider partial conversions rather than moving the entire balance at once. The decision depends on your current and expected future tax rates, Social Security taxation, Medicare premiums, state taxes, available cash to pay conversion taxes and how long the assets may remain invested. A Roth conversion can reduce future RMDs and create a source of qualified tax-free withdrawals, but the upfront tax cost should be weighed against those potential benefits.
“If you’re retired at 64 and no longer earning W-2 income, it could be a good time to do some Roth conversions. One reason is because you’re presumably at a lower tax rate than you would be at when RMDs begin in your mid-70s. However, since you’re already collecting Social Security, you will need to run the numbers on how conversions will affect your combined income figure, which is used to determine how much of your benefit is taxable. It may still be beneficial to start partial conversions at your age to minimize income taxes on RMDs later,” said Tanza Loudenback, CFP®.
Tanza Loudenback, CFP® provided the quote used in this article. Please note that Tanza is not a participant in SmartAsset AMP, is not an employee of SmartAsset and has been compensated. The opinion voiced in the quote is for general information only and is not intended to provide specific advice or recommendations.
Retirement Planning Tips
- A Roth conversion decision warrants an in-depth review from all angles. Consider enlisting a financial advisor to help you assess if and how to do a large IRA conversion. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Before making any major decisions about what to do with your retirement funds, you’ll want to know how much you’re likely to have saved up when retirement arrives. SmartAsset’s retirement calculator can help you project how much you could have and whether you’re on track to meet your recommended savings target.
Photo credit: ©iStock.com/shapecharge, ©iStock.com/zimmytws, ©iStock.com/fizkes
Retirement Planning Tips
- A Roth conversion decision warrants an in-depth review from all angles. Consider enlisting a financial advisor to help you assess if and how to do a large IRA conversion. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Before making any major decisions about what to do with your retirement funds, you’ll want to know how much you’re likely to have saved up when retirement arrives. SmartAsset’s retirement calculator can help you project how much you could have and whether you’re on track to meet your recommended savings target.
Photo credit: ©iStock.com/shapecharge, ©iStock.com/zimmytws, ©iStock.com/fizkes