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The Roth series · A planning tool · By Rich LoPresti, CFP®

Map your conversion window.

Between your last paycheck and your first required withdrawal there is a stretch of years when income may be lower. Enter a few dates and see where yours is, how long it lasts, and which years come before the usual age-65 Medicare look-back.

What this is. A calendar, not a calculation. It uses only dates: when the paychecks stop, when Social Security starts, when Medicare starts looking at your income, and when the IRS makes you start taking money out. No balances, no tax, no projections. It shows the shape of your window so you can see what claiming earlier or later does to it. Nothing you enter is saved or sent.

You

Your spouse (leave blank if single)

Nothing is saved or sent.

Your window.

WorkingBefore usual Medicare look-backGap year, Medicare look-back onPartial: income has startedRequired withdrawals

Year by year.

On a phone, swipe the table sideways to see every column.

YearAgesPaycheckSocial SecurityPensionMedicare look-backRequired withdrawalsRead

Medicare look-back: a year's income sets Part B and Part D premiums two years later, so it is marked from the year either of you turns 63. Required withdrawals start at 73 for people born 1951–1959 and 75 for people born 1960 or later. Social Security and pension start years are approximated to the calendar year of the age you chose. Ages shown are the age reached that year.

What claiming later does to the window.

Same dates, three claiming ages for each of you. The number is how many gap years you would have before either Social Security check starts. Each row changes one person's claiming age and holds the other's where you set it, so the window is capped by whichever of you starts first.

Claim at 62Claim at 67Claim at 70

Claiming early is not wrong. It is a trade: a check sooner, and a smaller window. Waiting does two things at once: a bigger check for whoever outlives the other, and more years to convert at a low rate. That is why Social Security timing and the conversion plan are one decision, not two.

Bring it back to your plan

What to do with this

  1. Write down what income will arrive on its own in each gap year: pension, interest, part-time work, rental income. That is what fills the bottom of the bracket before any conversion.
  2. Decide where the tax money would come from, before deciding how much to convert.
  3. In Connecticut, remember the state exemption for IRA and pension income phases out between $100,000 and $150,000 of federal AGI for a married couple. Compare the total cost below, within and above that band; do not cross it merely to avoid ending inside it.
  4. Bring the printout. The years are the easy part; the amounts are the conversation.

What this tool does not show.

Worth being explicit, because a tool like this can imply more than it should.

The timing

Why the years right after the paychecks stop are often the cheapest time to convert.

Read the article →

When the window closes

What required withdrawals look like when the IRA keeps growing.

The freight train →

The survivor's bracket

Why Social Security timing is also survivor insurance.

Read the article →

Educational tool written by Rich LoPresti, CFP®. It is not individualized investment, tax or legal advice and not a recommendation. Roth conversions are taxable in the year they occur and cannot be recharacterized. Social Security claiming decisions depend on individual circumstances. Consult a qualified tax advisor. Retirement Approaching provides retirement-planning education. Advisory services are offered through Milestone Asset Management Group, LLC, an SEC-registered investment adviser. Registration does not imply a certain level of skill or training. No investment result or tax savings is guaranteed.