yeartobefree
Confused about dryer sheets
- Joined
- Dec 14, 2021
- Messages
- 6
Long time lurkers, making the leap into the spotlight.
Plan is to work through June and we’ll have earned ~$130k, so don’t plan any Roth conversions or selling any from taxable account this year. We have a mix of 401k, 403b, t/rIRA, HSA, pension. We’re in our mid-40s and will be moving overseas to Portugal.
Funding plans initial thoughts:
-Year 1: convert all 401k->tIRA, use savings and taxable account if needed
-Year 2-6: taxable account for entire year (~70k), Roth conversion ~70k
-Year 7-retirement age: mix taxable + Roth conversions (~70k), continue Roth conversions ~70k*
*conversions will stop 5 years before retirement age allowing access to pre-tax monies
*numbers will adjust up to include annual inflation
-Retirement till death us do part: pre/post-tax retirement accounts, pension, her SSA @ 62, his SSA at 70 (assuming it's still around)
Questions:
-For this final year we’re both contributing to 401k/403b to get match, then socking away into savings to get us through the rest of the year. We’ll also max out tIRA contributions. Thoughts?
-Anything we should think about wrt minimizing taxes in the LTCG/Roth conversion years? I’ve read a number of articles breaking down brackets for ordinary income/LTCG but still feel fuzzy on it. We can play with the numbers above, but generally between taxable withdrawals and Roth conversions we’re looking at ~140k total.
-Any sense consolidating down to a single brokerage? Right now considering consolidating down to two: Fidelity and Vanguard
-Anything we're missing or need to consider?
Appreciate any insights and thanks for all the info to-date on the site!
Cheers, HTX
Plan is to work through June and we’ll have earned ~$130k, so don’t plan any Roth conversions or selling any from taxable account this year. We have a mix of 401k, 403b, t/rIRA, HSA, pension. We’re in our mid-40s and will be moving overseas to Portugal.
Funding plans initial thoughts:
-Year 1: convert all 401k->tIRA, use savings and taxable account if needed
-Year 2-6: taxable account for entire year (~70k), Roth conversion ~70k
-Year 7-retirement age: mix taxable + Roth conversions (~70k), continue Roth conversions ~70k*
*conversions will stop 5 years before retirement age allowing access to pre-tax monies
*numbers will adjust up to include annual inflation
-Retirement till death us do part: pre/post-tax retirement accounts, pension, her SSA @ 62, his SSA at 70 (assuming it's still around)
Questions:
-For this final year we’re both contributing to 401k/403b to get match, then socking away into savings to get us through the rest of the year. We’ll also max out tIRA contributions. Thoughts?
-Anything we should think about wrt minimizing taxes in the LTCG/Roth conversion years? I’ve read a number of articles breaking down brackets for ordinary income/LTCG but still feel fuzzy on it. We can play with the numbers above, but generally between taxable withdrawals and Roth conversions we’re looking at ~140k total.
-Any sense consolidating down to a single brokerage? Right now considering consolidating down to two: Fidelity and Vanguard
-Anything we're missing or need to consider?
Appreciate any insights and thanks for all the info to-date on the site!
Cheers, HTX