Hey guys,
So we had a kid in August 2015 and my wife recently quit her job back in Feb. I got a new job at the beginning of the year, which was a salary increase for me but overall our gross income is still lower than what it was when we were both working.
My wife started working at her company after we got married in 2010 and had been contributing to her 401k ever since. After she left, I converted the 401k to a tIRA and now I'm wondering if I should just go ahead and convert it to a Roth IRA. It's a pretty big chunk of change though (to the tune of $50k or so), so that has me worried.
Any suggestions on what to do? Better to "bite the bullet" and do it? Currently there are no plans for her to go back to work. I don't want to sound presumptuous but I'm hoping to keep my job for a while or if I move onto another job, hopefully it will be a gradual salary increase either way. As far as when we actually want to retire, that is yet TBD. Of course, per FIRE I'd love to retire early but I'm not sure how early that would actually be realized. Worst case scenario is that I'd retire around the standard age for retirement (60-65?)... not sure what tax bracket I would expect to be in by then but hopefully it would be lower than where I'm at now.
