If you are in a low tax bracket, take advantage by converting some of the money in pre-tax 401(k)s and IRAs to a Roth. You will owe tax on what you convert. Remember that this needs to remain untouched for 5 years.
Roth IRAs are particularly valuable as an estate strategy. Traditional IRAs are required to begin taking distributions (RMDs) at age 70 ½. And as you draw down a Traditional IRA, you are required to pay taxes on it. With a Roth IRA, there are no required distributions and all the distributions you do take are tax-free. That means you can leave your money in a Roth IRA and allow it to grow and be passed along to your heirs. If you leave your Roth IRA to your spouse, he or she will receive it and can basically treat it as his or her own. Your spouse won’t be required to take distributions, or have to pay taxes.
If you name someone other than your spouse as a beneficiary, they will need to withdraw a minimum amount each year.