How can I determine if converting an IRA to a Roth IRA will be worthwhile?

I'm 65 years old and retired. I would like to convert some of my traditional IRAs to Roths in the coming years to reduce my RMDs. How can I figure out if this strategy will be worth it considering the additional tax hit? Right now, I'm in the 15% tax bracket.

Retirement, IRAs, Taxes
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May 2017
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It requires looking at projections. If you are collecting Social Security, you may subject that to additional tax. If you are not, then I would ask - given all of the future possible tax scenarios for your account, when would you pay less than 15%?

If you move to a lower tax state... maybe you don't convert. 

But, if your beneficiaries would pay more, if you would pay more later, if you think tax rates may rise at some point (yes, they may go down, but they can always go right back up and up higher!). 

The nice part about the conversions is you get a 'redo' if you determine next year that a conversion didn't make sense. It's a freebie. Give it a shot, if it doesn't work, undo it. 

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