I currently have a traditional IRA. I\'ve seen several articles suggesting to convert to Roth IRA as it will be more beneficial long-term? is this true? What\'s the difference?

Since stock values are down, it\'s actually a good move to convert from a traditional IRA to a Roth IRA. However, it would also depend on your age. Keep in mind though that when you convert traditional IRA to Roth IRA, you will have to pay taxes on the amount you convert, but not the 10% penalty. Make sure you have the funds and be prepared to pay for the taxes.

If you\'re young, I\'d say go for it since most likely you will be in a higher tax bracket by the time you retire. Higher compared to your current tax bracket.

I\'m not retiring anytime soon. I think I will leave the funds in my Traditional IRA and open a Roth IRA. I will start contributing to the Roth IRA from now on. It might be good to convert to Roth IRA but don\'t want to pay taxes on it right now as it will be an added expense. With the current economic situation, I don\'t think I\'d be able to afford.

I think that\'s a good move. If you convert your traditional IRA to Roth IRA, then ya, you\'ll need to pay taxes on that, which will be an out of pocket expense. Did you consult your accountant/tax adviser?