Fotodog
Recycles dryer sheets
I found my way to this forum when searching for retirement planning software, and it’s been a great source of information with varied ideas and perspectives. Thanks to all for providing your input.
I’ve had a nice career as a professional advertising photographer, and at age 67 this will be my last year of work. My biggest client restructured during COVID with a new marketing director and went in a different direction. No surprise, I knew it was coming at some point, and it would provide the impetus to call it a day.
My wife retired early through a good job and a substantial inheritance from overseas. She will not need to worry about money in her retirement. Although we file jointly for the tax benefits, we keep our finances completely separate. We are both very independent, and both went through nasty divorces years ago. We have our CPA calculate the amount each owes every year on our tax returns.
I have about $1.6 million is IRA’s; 90% in stock funds through T. Rowe Price and less than 10% in a Baird bond fund at TD Ameritrade, with about 50k in cash there as well. I realize that I should likely rebalance my portfolio more conservatively now that I’m not working.
I started Social Security last year due to reduced work income, which is about $2600/month after Medicare is deducted. I have a good health plan through my wife’s former job with the city. Our house is paid off.
I will be selling my work condo in San Francisco next year, which was my studio for the last 5 years. I’ll net about $350k after commissions. Since condo prices have been flat, I’ll have little to no gains.
From my research it seems that converting some of my traditional IRA’s to Roth IRA’s makes sense. My CPA is crunching some numbers, but I want to do my own analysis and hear what some of the esteemed members here have to say.
I have spent a bit of time with the I-ORP calculator, and although I appreciate the time and effort that went into building it, I find the interface doesn’t work well for me. I’m on a Mac, and the software I like best is OnTrajectory. I seems simple at first, but when you dive deeper with different scenarios it becomes very informative.
I will need an additional $4k/month income in addition to SS for now. My initial thoughts are to use the $50k cash in TD Ameritrade for next year’s expenses. After I sell my condo, start using the $350k cash to pay taxes on Roth conversions until age 72. That will leave me a cash buffer in case of a market downturn, and possibly a year or 2 of income.
Let the words of wisdom rain down upon me...
Thanks!
I’ve had a nice career as a professional advertising photographer, and at age 67 this will be my last year of work. My biggest client restructured during COVID with a new marketing director and went in a different direction. No surprise, I knew it was coming at some point, and it would provide the impetus to call it a day.
My wife retired early through a good job and a substantial inheritance from overseas. She will not need to worry about money in her retirement. Although we file jointly for the tax benefits, we keep our finances completely separate. We are both very independent, and both went through nasty divorces years ago. We have our CPA calculate the amount each owes every year on our tax returns.
I have about $1.6 million is IRA’s; 90% in stock funds through T. Rowe Price and less than 10% in a Baird bond fund at TD Ameritrade, with about 50k in cash there as well. I realize that I should likely rebalance my portfolio more conservatively now that I’m not working.
I started Social Security last year due to reduced work income, which is about $2600/month after Medicare is deducted. I have a good health plan through my wife’s former job with the city. Our house is paid off.
I will be selling my work condo in San Francisco next year, which was my studio for the last 5 years. I’ll net about $350k after commissions. Since condo prices have been flat, I’ll have little to no gains.
From my research it seems that converting some of my traditional IRA’s to Roth IRA’s makes sense. My CPA is crunching some numbers, but I want to do my own analysis and hear what some of the esteemed members here have to say.
I have spent a bit of time with the I-ORP calculator, and although I appreciate the time and effort that went into building it, I find the interface doesn’t work well for me. I’m on a Mac, and the software I like best is OnTrajectory. I seems simple at first, but when you dive deeper with different scenarios it becomes very informative.
I will need an additional $4k/month income in addition to SS for now. My initial thoughts are to use the $50k cash in TD Ameritrade for next year’s expenses. After I sell my condo, start using the $350k cash to pay taxes on Roth conversions until age 72. That will leave me a cash buffer in case of a market downturn, and possibly a year or 2 of income.
Let the words of wisdom rain down upon me...
Thanks!