invest4: I am probably retiring soon, but after working for so long, it is difficult to wrap my brain around it. I had always planned to work until 100% SS and wanted more buffer. I am still running models to convince myself. My wife is all for it. Thanks for your input.
bones: My tax preparer thought I should just put the 401k into the rollover IRA, but I think he is just thinking about the taxes to convert only. I will consider my expected tax bracket for 2024 as my income will drop considerably with no new job. Knowing you can convert just some of it to avoid jumping to the next bracket is good stuff. With ~$100k in RMD safe savings, I am not sure I even need more in a Roth IRA. My homegrown Excel model looks like I will need to use all my RMDs anyway, and the rollover IRA appears to be self-sustaining. A Fidelity model is in the same ballpark. I need to model with taxes included, like using the New Retirement model. I will also check out the NerdWallet table of 2024 tax brackets. I appreciate the recommendations and giving me more to think about and look into.
bones: My tax preparer thought I should just put the 401k into the rollover IRA, but I think he is just thinking about the taxes to convert only. I will consider my expected tax bracket for 2024 as my income will drop considerably with no new job. Knowing you can convert just some of it to avoid jumping to the next bracket is good stuff. With ~$100k in RMD safe savings, I am not sure I even need more in a Roth IRA. My homegrown Excel model looks like I will need to use all my RMDs anyway, and the rollover IRA appears to be self-sustaining. A Fidelity model is in the same ballpark. I need to model with taxes included, like using the New Retirement model. I will also check out the NerdWallet table of 2024 tax brackets. I appreciate the recommendations and giving me more to think about and look into.
Statistics: Posted by JMMLS — Tue Jan 16, 2024 10:05 pm — Replies 3 — Views 305