I just got a promotion at work and it’s accompanied by a big pay raise. While that’s really great, I’m pretty sure it’s going to put me into a new tax bracket. What I’m really concerned about though is my retirement savings and how this will affect my contributions. I’m in a traditional ira right now but with this income increase, I wonder if it might be in my best interest to convert to a Roth ira instead. I have no other changes in my tax filing status and don’t plan to change my contributions. Is conversion the way to go or should I sit tight and see what happens?
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