NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 3, 2008
- Messages
- 35,712
Wow. If you add in $350K equity in the house, I'm just over the $4 million mark. To quote Talking Heads, "And you may ask yourself...how did I get here?"
My day-to-day needs and wants are pretty modest. I do two major trips per year and that's enough for me. I fly Business Class on long-hauls but that's an easier decision when you're not spending that for two passengers. Thankful to have no needy relatives but I do throw some $$ at DS and DDIL every year (they don't ask for it or need it) and put money in the 529s for my 3 grandchildren. Maybe I'll step up the latter next year- I'm already giving about 25% of my AGI to charity and could cut that back.
The charity part is fun- I do a few major gifts but also donations of $200 to a lot of other causes.
I can't throw that net worth number around to too many people. Good to have some who understand.
I recall you posted somewhere that the bulk of your assets is in IRA/401k. I have the same situation, due to having to spend my after-tax accounts prior to 59-1/2. Around 75% of my portfolio is in tax-deferred accounts.
In a few years when you hit RMD you will have fun BTD on taxes particularly as a single person.
I am doing a lot of Roth conversion with the remaining years I have left. If you cannot escape a high tax bracket, might as well pay early and have that money in Roth so it can grow.
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