Just looking for suggestions or comments on the decision of withdrawing funds from 401k's and other investment accounts.
Currently retired at 59 with a generous pension which includes paid medical/dental. Our home is also paid off and we easily live off my pension and then some. My issue is that both my wife and I also have 401k's along with a "hobby" stock investment account with around $150,000. in it. We also have a very sizable cash savings.
We don't necessarily need to touch any of these investments at this point but I fear if we wait to long we'll be taking such large sums later in life that it'll drastically raise our income tax rate and we'll be forced to pay more in taxes then simply starting to chip away with withdrawing now and hopefully paying less taxes.
I realize we can roll these 401k's over into an IRA but that doesn't really change the basic question of withdrawing money without screwing ourselves with taxes down the road. Prior to retiring we moved our 401k's into fairly conservative investments but of course nothings totally protected with the exception of our CD's. I'd basically just like to keep what I have now that I'm at a comfortable and secure investment level.
Anyone else find themselves in this same or similar position?
Currently retired at 59 with a generous pension which includes paid medical/dental. Our home is also paid off and we easily live off my pension and then some. My issue is that both my wife and I also have 401k's along with a "hobby" stock investment account with around $150,000. in it. We also have a very sizable cash savings.
We don't necessarily need to touch any of these investments at this point but I fear if we wait to long we'll be taking such large sums later in life that it'll drastically raise our income tax rate and we'll be forced to pay more in taxes then simply starting to chip away with withdrawing now and hopefully paying less taxes.
I realize we can roll these 401k's over into an IRA but that doesn't really change the basic question of withdrawing money without screwing ourselves with taxes down the road. Prior to retiring we moved our 401k's into fairly conservative investments but of course nothings totally protected with the exception of our CD's. I'd basically just like to keep what I have now that I'm at a comfortable and secure investment level.
Anyone else find themselves in this same or similar position?