I am 56, wife 51, and both not retired yet. We do not have Roth IRA due to our income level.
We plan to retire at 2014. We have enough taxable funds to last a decade, so we plan to convert tax-deferred as much as possible. My time to start converting to Roth IRA will begin after we both retire.
As to SS, it looks that I might be better off delaying and not to take at 62. Taking it at 66 will give me about 8 years to convert and manage my tax rate at 15%. After 8 years, I will reduce the conversion amount still, and eventually take another few years to complete.
Is this a reasonable plan for both SS and Roth conversion timing-wise?
We plan to retire at 2014. We have enough taxable funds to last a decade, so we plan to convert tax-deferred as much as possible. My time to start converting to Roth IRA will begin after we both retire.
As to SS, it looks that I might be better off delaying and not to take at 62. Taking it at 66 will give me about 8 years to convert and manage my tax rate at 15%. After 8 years, I will reduce the conversion amount still, and eventually take another few years to complete.
Is this a reasonable plan for both SS and Roth conversion timing-wise?