I am 3 years from potentially launching ER if I have the ballz to do it (would be 55 then). While per Firecalc and applying general knowledge I have absorbed over the years (including from you all) seems to have me in good position, some questions still remain, particularly as it relates to minimizing taxes once I RE. Quick background then the question...
Self-employed, high (but sometimes volatile) income earner, always lived below my means, big saver/investor, last kid (out of 4) graduates college in 3 yrs so heavy lifting almost done, DW has always been at home, no debt other than primary home (only because the debt is so cheap), about 65% of investments in tax differed accts, the remaining in taxable, RE, other investments. Goal is to generate a min of $200K after tax once I launch. My income is too high to make sense in doing any Roth conversions and I suppose I will need an appropriate strategy to bridge 55 - 59 1/2 before I take tax differed distributions. No pension or any other income source except perhaps SS one day (if its still there).
Question: For those of you who are living on a larger post RE income, what strategies have you used to minimize taxes? Clearly every $1 I can save on taxes helps reduce the big nut I have to bank and pull my 4% from.
Self-employed, high (but sometimes volatile) income earner, always lived below my means, big saver/investor, last kid (out of 4) graduates college in 3 yrs so heavy lifting almost done, DW has always been at home, no debt other than primary home (only because the debt is so cheap), about 65% of investments in tax differed accts, the remaining in taxable, RE, other investments. Goal is to generate a min of $200K after tax once I launch. My income is too high to make sense in doing any Roth conversions and I suppose I will need an appropriate strategy to bridge 55 - 59 1/2 before I take tax differed distributions. No pension or any other income source except perhaps SS one day (if its still there).
Question: For those of you who are living on a larger post RE income, what strategies have you used to minimize taxes? Clearly every $1 I can save on taxes helps reduce the big nut I have to bank and pull my 4% from.