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Yes.

Thanks, I think so. Little projects done. Was going to get a new camper but may renovate the old one. And I still tinker with my old lionel trains. So, its something. Not important to anyone, nor life-changing, as my last job was, but no stress. Plus like you said, never had time to just...

Ok, so update, still have no clue what I want to do, but nicer weather is approaching. So camping is in. Money situation is fine, although inflation is taking a larger chunk then expected out of what I planed to spend. No worries, I have back up plans. Lol. Still checking the bank accounts, but...

The problem lies in if ita revokable or not. You can set up a revokable trust as some said above, that becomes non revokable upon death. The problem is your new spouse could intice you in early dementia, or any other beneficiary, to revoke the trust and then just add beneficiaries to all the...

I got you, just making sure, sometimes the obvious isnt so obvious when your running crap through your head. I did a trust, for my kid, whos 12. I am 50, this is in case of bus next week. I dont plan on getting hit by the bus, but you never know. Good luck, and keep us updated. I learn a bit...

Just be aware, wording on anything in your will has 0 impact on if or not it will be done. If these accounts pass to a beneficiary, that happens before the will or trust. Also, roths have a 10 year rule to draw down the account. I think this is new ( not 100percent on if its new or not). Just...

Its really complicated figuring it out, so many variables. So, you do a small roth each year and them pay the taxes, or do you leave the same money in your ira and invest the money you would pay in taxes. Mostly it comes up as a wash. The more I think about thr more I am hesitating. I will...

My 457 b does not have an early penalty on it. So upon seperation of employment, retirement etc, you can use the money as you like just paying the normal tax rate on withdrawls. So , at age 50, no extra tax for taking disbursements. The idea is to convert 1/2 of my money to a roth in 10 to 15...

Ty, that helps a ton. It will be roght on the cusp. So , next year I figure 110k for pension, 15 k payout for my owed time, and 15k in CD income. So , at the limit, but with the regular dedutions should fall under the 145k to be able to make the max contrabution. Then I can roll over a small...

Yes, taxes will be taken out. But it just accured to me that if I roll over to the roth, thats income also? So then I would be over the income limit for the roth. As of now its very boarderline. So, I may just put the max in the roth this year, and start rollovers next year. Or does a rollover...

Last stupid question, for now, lol. Ok , so I am retired, but I am owed a payment this year. This is taxable income or I can set up another retirement account. They will not let me put it in my old account. Can I take this payment, as its earned income for 2024, with all the taxes excluded and...

Have fun!

This is kinda the conclusion I came to. If I live longer its an asset, die younger , dosent help much, but I can leave it for the kido. But I think they changed those rules a bit also. So for me its just hedging my bets, and covering the bases. I may live longer, and if I do it will help...

I did the same, went to them, as most of my stuff was in other places. I consolidated mostly everything through them. The advisor does push for total control of everything, but will not push it after I tell them am managing that part, i dont blame them, they have to eat also. I did let them...

There is a lot more to the equations. You may make to much and NOT ABLE to contribute tona roth while working. Likewise the tax exemption may help you stay under a certain tax bracket while working. So the 401 k at that point makes sense, then you retire early, so you can do a conversion and...

I went back and forth on this issue also. At first it seemed that it was almost a wash. But, who knows what will happen in the future? Codes change, taxes change, brackets could change. So while it still seems like a bit of work to not get a lot of reward, its another mechanism to spread out...

Yup, I have some homework this week coming up. I will call the plan and make sure I can do a partial rollover. Next I will see what others do with there dispusments, if taxes are due at the transaction or when you file. Last is to call my accountant, shes great, but not someone to trifle with...

Yes, I can take distrabutions from the 457b without penalty. Its mine now. And I didnt think about not being able to do a partial rollover. We were able to do it in the past, but that was like 3 companies ago. Lol. Something to check. I can pay the taxes with other accounts, but dont want to...

Just kinda thinking out loud here. I have called the instatutions involved, and due to multiple answers, most not helpful I am here to ask what you alk think. So, I have a 457b with empower. I want to start rolling over money to a roth IRA, like 22k a year for 10 years. I want to pay the taxes...

If the trust was just in your name, it is revocable and becomes irrevocable upon your death. Or, you may be abke to list both of you and when the other passes the trust becomes irrevocable. Then make the pther the trustee. Now you can sipulate no money to future spouse or spouses children upon...

You are corect the IRAs are the killer. Depending on assets, you could split up some of that to be distributed to the kids. A trust, I did mine revocable so you can change it later but upon death ot becomes non revocable, could be made with 2 trustees, one your significant other, or just leave...

Ok so you use a beneficiary on the account instead of a trust, but that was not what the op was asking for? With the op in mind , and with what I stated, you want the trust in control of the assists to distribute them to the corect people after your gone. Thats the whole point. It sounds like...

All but your 401ks and the like. Otherwise, why bother with a trust? The trust is to oversee your money, if you dont fund it its useless? So , how about atually explaining what you mean?

You make a revocable living trust. Name your trustees who will oversee the trust wishes are granted. This could be 2 people or one. If you dont have anyone name a lawyer to do it for you. Lay out what you want distributed , how and when. Now you can set limitations, my kids get money for collage...

Since its new this year, and thier looks to be a lot of boxes to check off the list. From the web: https://www.schwab.com/learn/story/529-to-roth-ira-rollovers-what-to-know#:~:text=It%20works%20like%20this%3A%20Starting,or%20generating%20any%20taxable%20income.