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How much are we talking about in taxes on $5000?

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I guess it goes with my mistrust of the govt.

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which is why I stayed in a regular IRA. I'm not certain pulling it out will remain tax free, or at least be part of a means to tax social security benefits or who knows what. Take it when you can.

use a calculator to determine what the difference could be and what risk you want to take.

Things to take into consideration before converting that kind of $ into a Roth:

The federal tax on a Roth IRA conversion will be collected by the IRS with the rest of your income taxes due on the return you file in the year of the conversion.

The amount you choose to convert will be taxed as ordinary income. This additional income, therefore, can push you into a higher marginal federal income tax bracket.

Also, it's usually considered a good idea to avoid using the funds that are being converted from within your Roth to pay the tax on a conversion. By doing so, you will have less left in the account to potentially grow tax-free and, if you are under 59½, you'll also incur the 10% penalty on the amount you don't convert to the Roth IRA used to pay the taxes.

So bottom line, unless you have the cash to spare, it's probably best left as a traditional.

Alternatively, if you do have that cash to spare, why not use it instead to start a new Roth, which will be fully tax deductible (even for tax year 2014 if you do so by April 15 2015.

You can't deduct contributions to a Roth.