Trawler
Recycles dryer sheets
Hi All
Looking to retire in 16 months at 52 and was looking for advice on the tax minimization of 401K and Traditional IRA $$.
Will be living off other non qualified investments until SS kicks in.
Our 401K 's will be rolled to Tradional IRAs at time of retirement.
My thought is while I have lower income bracket untill SS kicks in is to rollover a portion each year from Tradional IRA to Roth IRAs and staying in the lower brackets. This would also minimize required minimum distribution later on for Traditional IRA. My question is can I rollover IRAs to Roths with no earned income? I understand the principal can be withdrawn prior to 59.5 after the 5 year seasoning term? I dont plan to need Roth prior to 59.5 but you never know.
Thanks
Looking to retire in 16 months at 52 and was looking for advice on the tax minimization of 401K and Traditional IRA $$.
Will be living off other non qualified investments until SS kicks in.
Our 401K 's will be rolled to Tradional IRAs at time of retirement.
My thought is while I have lower income bracket untill SS kicks in is to rollover a portion each year from Tradional IRA to Roth IRAs and staying in the lower brackets. This would also minimize required minimum distribution later on for Traditional IRA. My question is can I rollover IRAs to Roths with no earned income? I understand the principal can be withdrawn prior to 59.5 after the 5 year seasoning term? I dont plan to need Roth prior to 59.5 but you never know.
Thanks