I Need Help Deciding
It's been a while since I've been here but I am back now, fully retired and about to start living off of my investments.
Up until now, I have been living off of minimal income form part time jobs and money in a savings account. It is now time to start selling investments for my living expenses. Here is a breakdown of where I am...
- I have non-IRA accounts yielding about $22,000 per year in dividends
- My remaining investments are in Roth and traditional IRA's
- I have about $27,000 in capital loss carryover on the books for tax year 2016 and beyond
- I am married with no dependents
- My annual expenses are around $60,000
- I am 64 years old and have not started collecting Social Security
So, what I need help with is: When I sell my non-IRA investments (which I must start doing in the next month or so) how do I decide whether to minimize or maximize my capital gains (they will all be long-term gains).
I see that if I maximize my gains, I will use up my capital loss carryover more quickly and if I minimize them, it will last longer, but how do I determine which is the better approach for the long term? Or does it even matter?
Any help or guidance would be greatly appreciated.