That is a massive cut in living expenses if you go from nearly half a million a year to less than 90k.
Retirement Targets
- Thread starter yowza
- Start date
Those seem like strange numbers to me.
To be in the 32% tax bracket, $364k to $462k income
33k a year in SS seems very low......oh are you talking about $33k each? That makes more sense.
Talk to your tax person as to whether you can use the loss on your tax return.
You can't claim loss of self esteem. Already tried that one.
RMDs are a wildcard. There's a good chance I'll be dead when she hits RMD age (82).
The hope is to burn down the taxable while protecting the Roth. She could get tagged with a ***** of an RMD with a single filing status.
I'll leave that to her second husband to figure out...I guess. Going full Roth next year is on my radar, but it will kick us around a bit. I'm undecided. Any move in tax brackets makes all of my calculations a moot point.
Edit: she's at a 90-10 traditional to Roth mix. She will be 100% going forward to even that out as much as possible. Still think we'll land at 60-40
Vanguard. Can’t go wrong with Fidelity or Schwab either.
Both Roth IRAs, HSA, and Brokerage are all at Fidelity. Clean interface. Doesn’t feel like 1991 (looking at you Vanguard). You have access to every equity option you could want with no fees, outside mutual funds from “competitors”.
Yeah, I will retire next year at 60 and am waffling between converting a lot for 3 years to be done before Medicare income look back or spread it out over 15 years to keep tax brackets lower. Both ways probably kicks me out of ACA subsidies but if second option doesn't that is a definite factor. Either way, I hope to be 70-30 Roth by 75 so she doesn't have to (wife is same age) deal with them. Like you, if I make 80 I will consider it outlived my expectations and RMDs from the 30% not converted should fall below living expense level.
Will your place of work let you retire and buy into their policy? I’ve never worked with the ACA but friends of mine said it’s cheaper but deductibles we’re quite high.
Same, my 401k is with Fidelity too. It's nice having everything besides checking and savings in 1 place
Principal interface is like 1991 as well. Current employer partners with them.
Old employer and personal accounts are with fidelity. I agree their interface is easy and simple.
Yep just switched jobs and went from Principal to Betterment for 401k. Finally saw the rollover check hit Betterment today. I have no idea how these ******** get away with cutting paper checks and mailing them to each other
If you have a 401k with Principal, you may want to check out recent changes. On the surface it looks a lot better. My main beef is how hard it is to separate Roth vs Traditional Funds.
I'm looking on the web site and don't see anywhere that says net benefits. I have to go into contributions/contributions by source and then it's there but very ugly
