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The transition process is already underway in my head. I was actually more stressed about deciding how to announce retirement. Once I did that, I started retirement mode. Countdown timers have been set.

Right now, I would target 70 (or whatever age full retirement may be at that time).

Update - Countdown is On Thanks for the advice I've received since I first posted, so I wanted to update. Last month, I made the official announcement to management last month! Definitely surprised them. We agreed that I would continue for a few months to ease the transition, but by mid-spring...

Yes, you're correct. I was thinking of the withdrawal penalty before 59 1/2, not the Roth conversion. Thanks for clarifying.

So if I was $10K less than the 12% tax bracket upper range, I should convert $10K from traditional to Roth IRA?

I guess I'd have to wait about 3 years to start withdrawals from the traditional retirement accounts without penalty, so I certainly appreciate your advice as that is quite a large RMD in 15 years.

We switched from SIMPLE plan in the fall to 401K plan (my first). I picked the Roth option and dumped almost my entire net salary from the rest of the year to maximize to the allowable limits. I'll probably do the same for the 1-3 months remaining.

I'd like to thank those who provided the above advice, lots to think about! It's been a long ride from negative net worth and paying off student loans in the early 90s to now, most of done on fairly moderate salary and just investing every month for the last 20 years. First thing I want to do is...

Happy New Year to all. Long time, first time. I've been preparing for retirement for many years, I think I'm finally ready. Countdown timer on my phone has been set for a few months.:) This is my scenario: Single, turning 57 in autumn. No children or dependents. * Traditional IRAs from...