Even if you have already chosen an account for retirement savings, that doesn’t necessarily mean you can’t change your mind about it later. In fact, this is not at all uncommon — and many people see meaningful benefits from making a switch further down the line.

One common swap that people make is converting their traditional IRA to a Roth IRA. With this move, retirees can skip paying taxes on their withdrawals, but they will need to pay taxes on the money contributed, as a Roth IRA is funded with after-tax funds as opposed to pre-tax funds like a traditional IRA .

To determine whether or not this tax trade-off makes sense, it is important to weigh both the benefits and the drawbacks that a Roth conversion can have.

Pro: You will enjoy tax-free growth and withdrawals.

Since you pay

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