BobMax
Dryer sheet wannabe
Just found this website and looks very interesting. Wanted to introduce myself.
I retired in 2007 and my wife just retired this year. I am 63 and she turns 65 this year. We are debt free and withdraw $83K/year from our $3.1MM IRA invested in 70/30 split of mutual fund stocks/short term bonds. Retirement calculator I use show a very low probability of running out of money before we die. My wife draws SS but I do not plan to take until I'm 70.
Net, I believe we are doing ok and could have a pot of money to leave to our two daughters some time in the far future even with conservative growth rates. We currently live in Minnesota and Minnesota likes to take a big chunk of the estate through state income taxes (top rate ~10%) AND an Estate tax after the 1st $1MM exempt (up to 16%). We are looking to move to a state that has no death taxes like Texas. My wife's sister lives in The Woodlands just north of Houston. Has anyone made a move like this to benefit their estates?
Looking forward to exploring the rest of the forums.
I retired in 2007 and my wife just retired this year. I am 63 and she turns 65 this year. We are debt free and withdraw $83K/year from our $3.1MM IRA invested in 70/30 split of mutual fund stocks/short term bonds. Retirement calculator I use show a very low probability of running out of money before we die. My wife draws SS but I do not plan to take until I'm 70.
Net, I believe we are doing ok and could have a pot of money to leave to our two daughters some time in the far future even with conservative growth rates. We currently live in Minnesota and Minnesota likes to take a big chunk of the estate through state income taxes (top rate ~10%) AND an Estate tax after the 1st $1MM exempt (up to 16%). We are looking to move to a state that has no death taxes like Texas. My wife's sister lives in The Woodlands just north of Houston. Has anyone made a move like this to benefit their estates?
Looking forward to exploring the rest of the forums.