Cybertruck
Dryer sheet wannabe
- Joined
- Jan 17, 2020
- Messages
- 24
Hi,
I have accumulated about $2,000,000 in savings but it is all tied up in retirement accounts. $730k in a 401k and IRA and $1,270,000 in Roth IRAs.
I am only 41 and live fairly modestly on 100k per year.
I would like to start withdrawing $30-50k to supplement my income and decrease my work load.
I am going to withdraw my Roth contributions so I can start investing and grow some money in a non retirement account.
Any ideas on the most tax-advantous ways to withdraw money?
I have been researching 72(t) plans but if I am only able to do this on the non-Roth accounts I’m looking at about $20k per year after income taxes.
I also thought about rolling TIRA funds into my Roth each year and withdrawing the rollover amounts each year after 5 years. But I have to wait 5 years to make withdrawals AND pay taxes 5 years in advance.
Any other thoughts or ideas?
I have accumulated about $2,000,000 in savings but it is all tied up in retirement accounts. $730k in a 401k and IRA and $1,270,000 in Roth IRAs.
I am only 41 and live fairly modestly on 100k per year.
I would like to start withdrawing $30-50k to supplement my income and decrease my work load.
I am going to withdraw my Roth contributions so I can start investing and grow some money in a non retirement account.
Any ideas on the most tax-advantous ways to withdraw money?
I have been researching 72(t) plans but if I am only able to do this on the non-Roth accounts I’m looking at about $20k per year after income taxes.
I also thought about rolling TIRA funds into my Roth each year and withdrawing the rollover amounts each year after 5 years. But I have to wait 5 years to make withdrawals AND pay taxes 5 years in advance.
Any other thoughts or ideas?