My DH has expressed a concern about what to do with our income so taxes are minimized. We each have - or will have - three sources of income:
DH (age 75) now: RMD (Vanguard, 403b, at a mid to low risk investment level (don't know what it's called, but that's how it is presented to us)), Soc Sec, and Pension.
Me (age 66) now: Soc Sec and Pension. Hope not to have to take RMD (Vanguard, 403b (Vanguard, 403b, also at a mid to low risk investment level) until 72.
We have savings and checking accounts with too much money in them but that's another issue
He is wondering if we should take the money out of the 403b at Vanguard to put it in a savings account. He thinks/says we can now afford to pay the taxes that the RMDs are causing, so if we take the money out now and put it in a savings account then we won't have to pay as much taxes later when we are older (not sure I quite understand this but that's what he said.)
I told him I'd ask you folks.
DH (age 75) now: RMD (Vanguard, 403b, at a mid to low risk investment level (don't know what it's called, but that's how it is presented to us)), Soc Sec, and Pension.
Me (age 66) now: Soc Sec and Pension. Hope not to have to take RMD (Vanguard, 403b (Vanguard, 403b, also at a mid to low risk investment level) until 72.
We have savings and checking accounts with too much money in them but that's another issue
He is wondering if we should take the money out of the 403b at Vanguard to put it in a savings account. He thinks/says we can now afford to pay the taxes that the RMDs are causing, so if we take the money out now and put it in a savings account then we won't have to pay as much taxes later when we are older (not sure I quite understand this but that's what he said.)
I told him I'd ask you folks.
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