When it comes to Roth conversions, traditional advice is to convert traditional IRAs to a Roth IRA over a period of years to stay within current tax brackets. The theory is that doing so will reduce your overall tax costs.

While that sounds smart on the surface, it can backfire by increasing other costs. Here’s why.

1. Taxes could go up in the future.

Right now, tax rates are relatively low historically. But it’s possible tax rates could go up in the future to help address our unbelievably high national debt, which continues to skyrocket. If that happens and you delay your conversions, you could end up paying higher taxes down the road.

Bottom line: If you believe that taxes will rise in the future, converting more now at current tax rates may save you from higher tax bills later.

2. You are creating extra taxes by waiting.

When you delay converting, your traditional qualified plan continues to grow—and that growth is taxable. You are creating new taxes. The longer your account remains taxable, the more taxes you’ll owe.

If you convert your IRA to a Roth IRA sooner, future growth happens in the Roth, where it’s 100% tax-free. Plus, the sooner you convert, the faster your Roth IRA grows—and that means more tax-free money, sooner.

3. You could face Medicare IRMAA surcharges.

Roth conversions increase your income for the year. The amount you convert gets added to your other income and you will pay taxes in the increase amount. That higher income can push you into a higher bracket for Medicare, which can result in IRMAA surcharges—extra monthly fees added to your Medicare premiums. These extra fees can be quite hefty. If you stretch Roth conversions over many years, you could be paying thousands more in IRMAA surcharges each year.

The longer your conversion takes, the longer you could be paying those surcharges. Once your conversion is complete, these surcharges may be lowered or be eliminated entirely. The less time you spend converting equals less time you will be paying IRMAA surcharges.

4. The Roth five-year rule can get complicated.

While you can withdraw your principal from a Roth converted account anytime, there’s a five-year waiting period before you can take gains out of your Roth account tax-free. It’s important to realize that each conversion starts its own five-year clock. Ten conversions equals 10 five-year clocks. Taking profits before that five-year clock expires sparks a 10% penalty. If you spread conversions over 10 years, you now have 10 different clocks to manage. Miss one or more waiting periods, and you could face hefty penalties.

Keep it simple: Convert quickly, and you will have fewer five-year clocks to keep track of and manage.

Consider working with a financial professional.

So, what is the right strategy for you? Every situation is different. Income, expenses and assets all factor into the equation. What works for one family might not work for another. The only way to know for sure if a Roth conversion is right for you is to see the full picture.

That’s why I recommend working with a tax professional to analyze whether a Roth conversion makes sense for your situation. A properly done analysis looks at all eight retirement tax factors including federal and state taxes, the advisor fee “tax,” Medicare/IRMAA, Social Security tax, the two widow penalties (change to tax filing status and a reduction in household Social Security income) and the beneficiary tax.

An analysis will show you the cost and benefits of a Roth conversion compared to the cost of not doing a Roth conversion. It can help you know whether a Roth conversion is right for your financial situation.