Account Type Selection Checklist
Before choosing Roth or Traditional verify: your current federal tax bracket, your MAGI for Roth eligibility, whether you have a workplace retirement plan (affects Traditional deductibility), your expected retirement income level, and whether you want check-free withdrawals in retirement (Roth advantage) or current tax deductions (Traditional advantage).
Roth vs. Traditional selection checklist
| Selection Question | Answer Favors Roth | Answer Favors Traditional |
|---|---|---|
| Current tax bracket | 22% or below | 32% or above |
| Expected retirement bracket | Higher than today | Lower than today |
| Will you accumulate large 401k? | Yes — RMD risk high | No — RMD risk low |
| Estate planning intent | Leaving to heirs | Spending it down |
| Want withdrawal flexibility? | Yes | Not important |
Annual IRA Optimization Checklist
Each January run through this annual IRA review: (1) verify eligibility still applies for Roth (check MAGI vs. $150K threshold), (2) confirm custodian still offers best available expense ratios, (3) make or schedule January 1 contribution, (4) review beneficiary designations, (5) update contribution amount based on raise capture formula.
Every January 1: (1) Check MAGI estimate — am I still under Roth limit? (2) Transfer full $7,000 to IRA. (3) Verify fund expense ratios under 0.10%. (4) Confirm beneficiary designation is current. (5) Note if any life change (marriage divorce income change) requires strategy adjustment. Total time: 15 minutes.
Complete annual IRA review checklist
| Checklist Item | Action | Frequency |
|---|---|---|
| IRA type selection | Bracket analysis + Roth eligibility check | Annual or on income change |
| Contribution | Max $7,000/$8,000 as early in year as possible | Annual — January preferred |
| Custodian fee check | Verify no maintenance fees; fund ER under 0.10% | Annual |
| Beneficiary review | Update after any life change | Annual or after life event |
| Roth conversion evaluation | Assess if low-income window exists | Annual |
| Required minimum distributions | Calendar at age 72 to prepare for age 73 start | Annual for ages 60+ |
Pre-Retirement IRA Checklist (Ages 58-65)
As retirement approaches: (1) estimate your first-year retirement income to project your tax bracket, (2) evaluate whether to convert Traditional IRA to Roth in low-income transition years, (3) confirm your Roth IRA 5-year rule has been met (account must be at least 5 years old), (4) update beneficiary designations for estate planning, (5) understand RMD rules and their impact on your tax planning.
- Verify Roth IRA has been open at least 5 years (for tax-free qualified distribution)
- Estimate Year 1 retirement income and bracket for Roth conversion assessment
- Evaluate Roth conversion window between retirement and Social Security start
- Confirm all beneficiary designations are current and reflect your estate plan
- Model RMD projections from Traditional accounts at age 73 to assess tax impact
Run Your Complete IRA Audit
Enter your income, account balances, and tax situation to get a comprehensive IRA strategy review.