Hello all! Long time lurker, first time poster. I know this topic is covered a lot of other places, but was hoping to get a multitude of viewpoints in a single spot, and this seems like a great place for an educated discussion.
I've decided to get a bit more organized with my finances in 2020, and the first step in that process is rolling over an old 401k with a balance of roughly 45k. I'm leaning towards converting to a Roth IRA and taking the tax hit but thought I'd get some other eyes on the situation before pulling the trigger.
Details:
Me- 34, income roughly 80k, 401k balance with current employer is $125k, $25k in a pension, HSA balance is $25k
Spouse- 34, income roughly 70k, 401k balance with current employer is $80k, Roth IRA is $25k
We live in a LCOLA and have no debt other than a mortgage @3.99%. Incomes vary a little with bonuses and overtime but aren't likely to see massive changes in the next few years relative to inflation.
I like the flexibility and lack of RMDs of the Roth, but is there any merit to rolling the entire 45k into a TIRA since my spouse already has a Roth?