Ready-4-ER-at-14
Full time employment: Posting here.
We have been doing :
1. the Roth Conversion that many have suggested. Plan to have it done ASAP before RMDs kick in. One more year of doing this. This causes a tax bump and higher Medicare premiums, but for just a few years. So far every time we took a huge tax hit market grew nicely and net worth replenished well before my best hopes.
2. own growth stock in cash stock account with spouse as primary beneficiary and heirs as secondary beneficiaries. Planning on step up benefit for heirs.
3. own one cash account with a specific parent of our grandchild as named beneficiary just to make contributions easy in an international setting.
4. have purchased for lifetime payout annuity (return of principal clause) with cash. Only 1/3 is taxable for about 20 years.
5. looking at purchasing an annuity using regular ira money that turns on a few years after RMD of youngest of us that has no RMD requirement till turned on.
(consider it a bump in income when travel expenses probably go down and assistance expenses may go up. Some consider it old age support or self insurance if to assisted living of some form.)
1. the Roth Conversion that many have suggested. Plan to have it done ASAP before RMDs kick in. One more year of doing this. This causes a tax bump and higher Medicare premiums, but for just a few years. So far every time we took a huge tax hit market grew nicely and net worth replenished well before my best hopes.
2. own growth stock in cash stock account with spouse as primary beneficiary and heirs as secondary beneficiaries. Planning on step up benefit for heirs.
3. own one cash account with a specific parent of our grandchild as named beneficiary just to make contributions easy in an international setting.
4. have purchased for lifetime payout annuity (return of principal clause) with cash. Only 1/3 is taxable for about 20 years.
5. looking at purchasing an annuity using regular ira money that turns on a few years after RMD of youngest of us that has no RMD requirement till turned on.
(consider it a bump in income when travel expenses probably go down and assistance expenses may go up. Some consider it old age support or self insurance if to assisted living of some form.)