I plan to talking with my investment consultant about this but I'm just curious what other's might think.
I have an investment account with a brokerage firm that I opened year's ago as sort of a hobby account because I had some extra money at the time. I have about $50,000. invested in this account with various stocks but it's worth around $125,000. now, so yes, a $75,000. gain.
I'm 59 and also have a generous pension that I easily live off plus I have a large 457 account that I need to withdraw from before I'm 70 1/2. Just no need for it yet.
I was thinking of slowly selling off/closing this brokerage account and taking maybe $1,000. per month until it's gone. I fully realize I 'll have to pay taxes on the gains though. Any suggestions on doing this slowly so I minimize my tax burden? I assume this must be a fairly common issue with people in my situation.
I have an investment account with a brokerage firm that I opened year's ago as sort of a hobby account because I had some extra money at the time. I have about $50,000. invested in this account with various stocks but it's worth around $125,000. now, so yes, a $75,000. gain.
I'm 59 and also have a generous pension that I easily live off plus I have a large 457 account that I need to withdraw from before I'm 70 1/2. Just no need for it yet.
I was thinking of slowly selling off/closing this brokerage account and taking maybe $1,000. per month until it's gone. I fully realize I 'll have to pay taxes on the gains though. Any suggestions on doing this slowly so I minimize my tax burden? I assume this must be a fairly common issue with people in my situation.