Hi all,
I'm new to the community, and look forward to all your advice and wisdom and I try to navigate into the world of retirement.
My wife and I are 62 years old and have accumulated $1 Million. Half in our IRA/401K and half in taxable accounts. We were wondering if this is too conservative a retirement plan: If we take our SS now, it will come to $30,000/yr. We could then put the $1M into 20 year TIPS which are paying about 2.3% over inflation. This would generate another 23,000/yr. The $53,000/yr would be sufficient for our needs and the principal would remain intact. Both the principal and income would grow with inflation. I know there are different tax consequences between the taxable and non-taxable accounts, and there's the "phantom" income from the TIPS. Part of the worry is putting all our assets in one security, even though it's guaranteed by the gov't. What do you think? Thanks for the help....C
I'm new to the community, and look forward to all your advice and wisdom and I try to navigate into the world of retirement.
My wife and I are 62 years old and have accumulated $1 Million. Half in our IRA/401K and half in taxable accounts. We were wondering if this is too conservative a retirement plan: If we take our SS now, it will come to $30,000/yr. We could then put the $1M into 20 year TIPS which are paying about 2.3% over inflation. This would generate another 23,000/yr. The $53,000/yr would be sufficient for our needs and the principal would remain intact. Both the principal and income would grow with inflation. I know there are different tax consequences between the taxable and non-taxable accounts, and there's the "phantom" income from the TIPS. Part of the worry is putting all our assets in one security, even though it's guaranteed by the gov't. What do you think? Thanks for the help....C