401k, IRA, Roth IRA and other retirement stuffs

[Luka Milicevic]

Was hoping someone familiar with the matter could shed some light on the matter.

I'm 30 years old now. I will have the option of retiring in 5-7 years. I probably wont, but I will have the option. I've invested all my money in RE, and have always done the minimum amount in my 401k that my employer matches. 

I would like to start doing more to reduce my taxable income for the next 5 or so years. 

I'd like to roll my 401k into a traditional IRA and then set up a Roth IRA conversion ladder to avoid the 10% penalty tax. I can't wait 30 years to touch that money and I also can't pay a 10% tax penalty for early withdrawal. This was one of the "loopholes" I found.

My question is - Will this all be possible, roll my employer sponsored 401k into a regular ole IRA, set up a roth IRA conversion ladder (takes 5 years), Sit back and drink fruity drinks on the beach.

Anyone familiar with the matter please chime in and feel free to add anything you can think of that is relevant to the topic. If you think this is a terrible idea, I'm insane, etc please say so, but include WHY you think so. That way I have something to work with. 

Happy investing.