The end of the year is drawing near, and so is the deadline to make key retirement moves like Roth IRA conversions. If you've been considering one, you have to act before Dec. 31 if you want the conversion to count for 2023. Below, we'll look at how a Roth IRA conversion could affect you now and in retirement, so you'll know if it's right for you.

A Roth IRA conversion changes how the government treats some of your retirement savings by moving the money from a tax-deferred, traditional IRA or 401(k) to a Roth IRA. The primary difference between these accounts is when you pay taxes on your funds. Traditional IRAs and 401(k)s give you a tax break upfront, but in exchange, you must pay taxes on your withdrawals in retirement. Roth IRAs, on the other hand, require you to pay taxes on your contributions upfront but then give you tax-free access to your contributions and earnings in retirement.

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Source Fool.com