Recent content by TonyClifton

Sounds like you've applied the proper energy to the topic...good plan. If you shoot for 95, well, if you go longer, it's time to contact the kids and say, "Remember that down payment on your house me and your mom made?" In all seriousness, a 95 year old guy can get away with anything.

That is a good point. Though I can't say I should have saved less than I did, I did not set out intending to have to deal with upper end tax complications, I assumed a drawdown of retirement funds like a regular old annuity. Obviously something has to give here. It's not possible to make...

As I've mentioned, my 401a and 457 plan are administered by ICMA-RC which I'm guessing is a big outfit with lots of government clients. I sent ICMA an email with two specific questions: upon retirement (1) will I be able to convert 401a funds into a Schwab Roth IRA and (2) will I be able to...

Though I just discovered my work 457 plan allows me to make either or both untaxed contributions to the 457 and taxed contributions to the 457 Roth, I first need to deal with the two 401k accounts from previous employers (me and DW.) Since there is ~$550k in there now, converting them to the...

I see good people on both sides. (mops brow) OK, so what I'm reading is the very first Roth IRA you open, that starts the clock for that account and any future Roth IRA accounts? Sounds good to me. Me and my DW both have old 401k accounts of $300k each, a Fidelity and a "Merrill," and we...

Doing more research, I've discovered my work's 457 plan has a Roth option. The plan administrator is ICMA-RC which provides government plans. Evidently I can choose to direct both untaxed and taxed money into the 457 plan and its Roth option, subject to yearly allowable maximums, $26k...

Roger that. You have pointed out something I hadn't considered, which is that no matter how big a pile you got, you were limited to creating it a few shovelsful at a time. So perhaps from the IRS's view they are fine with favorable tax treatment toward money folks have been steadily...

So let's see if I have this straight: I can move funds from my work 401k or my previous employer 401k into a rollover IRA at Schwab, and then move that money into the Schwab Roth IRA that I already have. The amount moved is treated as ordinary income the same as wages for the purpose of...

The DW and I opened Roth IRAs at Charles Schwab years ago. I just did one of those online chat things with a Schwab rep and she stated I just need to create a rollover IRA into which the non-Schwab 401k funds will be deposited and then they can be transferred into the Roth IRA from there.

Thanks for the reply! Not wanting to write a book in the first post I was spare with the details. I'm just shy of 59 and will retire at 61. Our income goes up and down but is usually too high to qualify for Roth IRA contributions, but I can sometimes. What I am talking about is $2 million...

Because my natural tendency is to save instead of spend I have accumulated quite a lot in my 401k(s). I've suddenly sat bolt upright in my chair realizing I may have saved too much, at least as far as tax avoidance is concerned which is a major reason for 401ks and their tax advantages. Not...

Wow, great comments My parents were solid middle class, not wealthy, frugal like you are when you have five kids, that sort of thing. The anecdotal story my dad liked to tell was that he knew it was time for retirement when he fell asleep at his desk and slept right through his coffee break...

There's a reduction factor, you get 40% of the benefit amount at age 56 retirement up to 100% at age 65. The magic is 30 yrs at which the reduction is chopped way down. For example, if I retired at 60 and started claiming a benefit, the multiplier is 0.594 and a gross pension of ~$40k. Wait...

Hi, everyone! I'm 55 and in the Seattle area. I'm pleased to find this forum. I could write a new post book, but will try to refrain. My plan has always been to retire at 56 like my dad. As a local government employee, though, and therefore part of the state retirement system, the magic...