Tax rates are likely to go up under the Biden administration, and one hedge against this is to convert an existing IRA or 401(k) to a Roth IRA. You will have to pay taxes on the amount converted but then the IRA grows tax free. Talk to a tax advisor—and make sure you wait closer to year-end before doing it in case tax rates increase this year. Or let Monterey Bank or one of our other local banks walk you through the rules. There are few—for instance, there are no Required Minimum Distributions from this type of IRA. Talk to Monterey Credit Union, Monterey County Bank or many of the other local financial institutions to open an account, or a financial advisor for advice.