Hey thanks for the responses. I've combined them into one post for ease of review.
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Travelover:
Welcome Mike.
It might help if you said what investments you had inside each vessel, i.e., the Roth, the IRA and the stocks, bonds and cash.
Mike:
Right now I'm a bit concerned about a correction, so the Roth is a bond aggregate, the 401 similar. The IIRA is a mix of stocks and bonds, more bonds than cash.
When I received the IIRA, the media/news was screaming 'correction', so the last thing I wanted was to take a big hit right in the first year, so I've kept it fairly conservative for now.
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Seraphim:
Knowing your age and how much you plan to spend would help. Is social security or pension in the mix?
Mike:
Mid fifties, so no SS for awhile and no pension.
[...]
Seraphim:
Start thinking total return, rather than income. Annuities are costly by comparison
[...]
Mike:
I'll have to add up the RMD with the dividends from the bonds, but that's nowhere near 30K a year, especially since the Roth/401 are not yielding any real 'money' I can use presently.
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Animorph:
. Do not just take it all out. That will have huge tax costs. [...]
If you want to simplify, you could choose one target retirement date fund in each of your accounts and invest in that.
Mike:
Yes the taxes are an issue. I have looked at some retirement target date funds and they didn't look too good. At least T.Rowe Price's didn't look that good for now. However there are probably others out there.
Animorph:
You can also stick with what you have (if you like it). To generate income beyond dividends you can sell whatever you have too much of. [...]
Try running FIRECalc (one of the links on the right side of the page) to test this out.
Read what you can here before doing anything major!
Mike:
I guess I could just withdraw more from the IIRA if it surges, too bad I can't add to it and use that for a lump. That would really be convenient.
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pb4uski:
No, it would not be prudent, it would be foolish to accelerate the income and pay a large percentage of it to the government and then have less for yourself. And annuities are IMO poor values with today's low interest rates.
If these accounts are restructured tax-efficiently, you should be able to take out $35-40k a year to live on and pay little in taxes.
Mike:
I will bring this target goal up with the financial advisor and see what he says.
pb4uski:
Qualified dividends and capital gains are tax-free if your total income is below the top of the 15% tax bracket ($47,050 of income for 2014 for a single assuming standard deduction and one exemption). So the taxable investments should be
all equities assuming that there is no significant tax cost to making such a change.
Not sure what you mean by "sitting there, not producing much". A well balanced portfolio (60/40) should have grown over 30% over the last two years so please elaborate.
Mike:
The IIRA is fairly new in my account, way under two years. I guess it has gained a little so far.
By not producing much, I mean I haven't structured any payments to get any income yet, and the Roth/401 I can't touch for quite awhile. I guess I am idealizing the total value of all my accounts as if they were in one big lump, in one account that could yield a certain payment, but I am realizing that is not as easy as it sounds.
I will discuss the IIRA account with the company that holds it, a local LLC, which bothers me a little bit since I've always dealt with Fidelity, Schwab, T. Rowe Price-
big companies. But they seem fairly safe. I asked them what would happen if they dissolved, or if one of them got killed in an accident, and they have a plan for that. Maybe they are better than big companies.
The IIRA is a Nationwide account. Can those be transferred to other companies? Anyone have a good recommendation for a company that structures retirement accounts, or are all the big national companies about the same in quality?
By that I mean Fidelity, Schwab, T.Rowe Price, Ed Jones, Prudential, those types.
Mike