Convert ESOP to Roth, Retire in 6 Years, Withdraw 5%? I YMYW Podcast

Question: (Mike) Hello guys. I'm 49 and have worked for a convenience store chain for 30 years in NY. They have an ESOP that matches 12% of our salary as a contribution. It doesn't allow us to add any funds to it. Over the years the average appreciation is about 15%. 2 years ago it was over 20% and last year it was 33%. I have about $840,000 in the plan. I would have more, but I lost $130,000 about 6 years ago during a divorce. I make $70,000. I only have about $15,000 from a Roth and crypto. I have $75,000 left to pay off the house. I would like to retire in 6 years or less. Everyone says to diversify, but I feel like it's still a strong growing business with no debt. I would like to maintain the same income during retirement. What are your thoughts about a 5 or 6% withdrawal and a conversion to a Roth? - Mike
Kyle Stacey, CFP® fills in for Joe Anderson, CFP® to answer this question with Big Al Clopine, CPA. Listen to the entire Your Money, Your Wealth® podcast: bit.ly/ymyw-372
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#RothConversion #ESOP #EmployeeStockOwnership