 |
Tax strategist / Pay by the hour retirement planner - advisor.
06-03-2016, 11:53 AM
|
#1
|
|
Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 1,011
|
Tax strategist / Pay by the hour retirement planner - advisor.
I have been retired/ semi retired for 3 yrs now.
Working 1 to 2 months per year.
Am 54, 55 in Sep.
I have ran a couple scenario's taking the annuity option from my cash balance / pension account rather than transferring the lump sum to an IRA. And starting a 72T at 55 with my IRA.
It looks like in my case, taking smaller amounts over a longer period and staying in the 15% tax bracket would be beneficial over waiting a few years and having to take more out over a shorter period of time.
Bumping me (married couple) into the 25% -28% bracket.
Is there a professional that specializes in this type of thing?
I want to avoid the typical "sign up / invest with us with us forever for a fee" type of retirement sales person.
Or just a Tax only expert. And would like to just pay for the time / info needed.
Thanks in advance & hope what I described makes at least a little sense. LOL LOL
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
|
|
|
 |
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
|
06-03-2016, 11:57 AM
|
#2
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
|
Call a fee based cfp
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
|
|
|
|
|
06-03-2016, 12:22 PM
|
#3
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
|
I think you need a CPA with a PFS (personal financial specialist) credential.
You can find one near you at https://account.aicpa.org/eWeb/dynam...erralwebsearch
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
|
06-03-2016, 12:37 PM
|
#4
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
|
These folks don't really exist. The question comes up from time to time on this forum and on bogleheads.org. I don't think anyone has ever stated that they had found someone who was helpful.
The solution is to become an expert yourself.
|
|
|
|
|
06-03-2016, 12:42 PM
|
#5
|
|
Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 1,011
|
Am thinking you are correct. Have done so much research I am probably
" almost there" LOL
Would be nice to bounce it off an expert. But everyone has an angle it seems. Plus to me, its a bit personal. And I hate laying everything out to basically a stranger. Hmmm
If I did hit the button on the 72t and annuity, the 1-2 months working would have to end.
As that xtra $30k from working would put me in the higher tax bracket.
And I have paid enough in this lifetime.
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
|
|
|
|
|
06-03-2016, 01:22 PM
|
#6
|
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
|
I consult with a tax preparer CPA that was an IRS agent. I also take a class once in a while.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
|
|
|
|
|
06-03-2016, 01:31 PM
|
#7
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
|
 Quote:
Originally Posted by almost there
....If I did hit the button on the 72t and annuity, the 1-2 months working would have to end. ....
|
And so what's the problem?  Seems like the solution is easy.
Could you solve it by making deductible IRA contributions for any excess over the top of the 15% tax bracket?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
|
06-03-2016, 01:31 PM
|
#8
|
|
Thinks s/he gets paid by the post
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,895
|
Quote:
Originally Posted by LOL!
These folks don't really exist. The question comes up from time to time on this forum and on bogleheads.org. I don't think anyone has ever stated that they had found someone who was helpful.
The solution is to become an expert yourself.
|
+1, retired at 54, took the HRB tax course and actually worked about seven tax seasons as a tax preparer, both paid and as a volunteer. There is no substitute for having the knowledge yourself. I actually get a perverse sense of pleasure out making sure I am paying the absolute lowest amount of income tax,legally that I can.
__________________
Earning money is an action, saving money is a behavior, growing money takes a well diversified portfolio and the discipline to ignore market swings.
|
|
|
|
|
06-03-2016, 01:38 PM
|
#9
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
|
If you can find out what the 72T amounts are then you can model them in tax software as well as deleting your income.
|
|
|
|
|
06-03-2016, 04:49 PM
|
#11
|
|
Thinks s/he gets paid by the post
Join Date: Sep 2008
Posts: 1,011
|
"Originally Posted by almost there 
....If I did hit the button on the 72t and annuity, the 1-2 months working would have to end. ....
And so what's the problem? Seems like the solution is easy."
Am leaning that direction. Then at 62 SS will be about 30k added to the mix.
"If you can find out what the 72T amounts are then you can model them in tax software as well as deleting your income."
26k on the 72T.
18K on the annuity
27k rental income.
So a little over 70k / yr.
More than we need / zero debt.
__________________
"I couldn't wait for success, so I went ahead without it." Ret. 2013 @ 51.
|
|
|
|
|
06-03-2016, 05:02 PM
|
#12
|
|
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,375
|
26k + 18k + 27K would be ~$25k below the top of the 15% bracket.... even more if you itemize deductions. So if your work income less any deductible IRA deduction is less than $25k you would probably be still be in the 15% bracket.
Income Tax Calculator - Tax-Rates.org
is a good tax calculator that can give you an idea... but a fake return in TT would be better.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|
Linear Mode
