Our scenerio: i am 61, DH 64. ER 3 years ago. DH does consulting earning $50K which makes us unable to get ACA subsidy. Cost for ACA $18,000 yr. We will take SS at FRA $24000 yr (I will get half of that at my FRA)
Yearly COL including taxes $70K
Traditional IRA 40/60 1 MIL
Cash (CD's), etc $200,000
We own our cars and house. No debt. We will need a car in a year or two. Health, thankfully, good. Retired to a lower COL area, so not much we can tweak with that. DH will get MC in a year, me in 4, so that expense should go down. He'll hopefully consult for next 2-3 years, as long as they need him.
I am aware that by your ER standards we don't really have a lot of $$. My main question is whether to convert traditional to roth. We are in the 15% bracket now. When we do have to take RMD we should only have SS+RMD, as we have no pensions.
Thank you for your time. Any other info you need please ask, and any other advice, please don't hesitate to offer!
Yearly COL including taxes $70K
Traditional IRA 40/60 1 MIL
Cash (CD's), etc $200,000
We own our cars and house. No debt. We will need a car in a year or two. Health, thankfully, good. Retired to a lower COL area, so not much we can tweak with that. DH will get MC in a year, me in 4, so that expense should go down. He'll hopefully consult for next 2-3 years, as long as they need him.
I am aware that by your ER standards we don't really have a lot of $$. My main question is whether to convert traditional to roth. We are in the 15% bracket now. When we do have to take RMD we should only have SS+RMD, as we have no pensions.
Thank you for your time. Any other info you need please ask, and any other advice, please don't hesitate to offer!