It is hard to imagine now, but there are times when you actually want income, and an IRA conversion is a great way to create taxable income when you want it (need it) in the exact amount you desire.
Over the past 7 years I did some "strategic" IRA conversions when my income was very low. I wasn't working and I had very high cash balances so dividend/interest income was also very low. 1. We purchased new A/C and furnaces for our house that came with an energy tax credit. My IRA conversion produced no tax bill but let me take advantage of the tax credit that otherwise would have been wasted. 2. Another year I did a small IRA conversion that with my meager dividend/interest income took me up to the end of the 0% tax bracket. So I was able to convert without paying any income taxes on the converted amount. and, now 3. I need a certain amount of MAGI to even qualify for ACA healthcare subsidies. If my investment income doesn't get me there I can do a Roth conversion to create the income I need to qualify for subsidies.
You can't take advantage of these types of situations if you have no traditional IRA to convert, that is if you already converted and paid taxes on the income in prior years. You and/or your wife might lose your jobs and be unemployed for a while. In any given year you might end up in a much lower tax bracket.
