Not sure if this is the right place for this post or not, it is mostly related to handling money, but not totally a retirement question.
I just turned 50, and my DW is 45. We have no mortgage, no debt what so ever. Our 401k's are mostly pre-tax dollars, but recently we switched to 100% Roth 401k. We have absolutely no shelter to taxes by doing so. Our household income is approximately $200k annually. When I think about taxes, I feel like a chump in the ring, hands down, taking a prize fighters punch to the face.
Is this just the way it is, when we have a simple, two income, no debt, no business life? It seems that the Roth option is a must do because of the lack of taxes later, lack of RMD and the ability to allow for inheritance of the money. I do not intend to retire really early, maybe around 62 or so. I do intend to retire in a position that our investments continue to grow beyond what we take out for our lifestyle.
Is it worth it to talk with a tax guy and learn something, or is it simply that without mortgages, my own business etc, I just pay those taxes?
I just turned 50, and my DW is 45. We have no mortgage, no debt what so ever. Our 401k's are mostly pre-tax dollars, but recently we switched to 100% Roth 401k. We have absolutely no shelter to taxes by doing so. Our household income is approximately $200k annually. When I think about taxes, I feel like a chump in the ring, hands down, taking a prize fighters punch to the face.
Is this just the way it is, when we have a simple, two income, no debt, no business life? It seems that the Roth option is a must do because of the lack of taxes later, lack of RMD and the ability to allow for inheritance of the money. I do not intend to retire really early, maybe around 62 or so. I do intend to retire in a position that our investments continue to grow beyond what we take out for our lifestyle.
Is it worth it to talk with a tax guy and learn something, or is it simply that without mortgages, my own business etc, I just pay those taxes?