It is a possibility for someone who has a retirement account or an IRA to convert their account to a Roth IRA. They would have to pay the basic federal or state taxes for this move. Once converted, a Roth IRA allows the investment to grow without any taxation. As long as the qualifications are met by you, you can withdraw any amount from a Roth IRA account without any tax levied. However, the account becomes tax-free only once the conversion period has crossed a minimum of 5 years. For someone who is getting closer to the time of retirement, a conversion makes sense.