msmith8441
Confused about dryer sheets
Newby here- circumstances beyond any our control has made me realize its just time to go thru the door to my next phase. 64 now- 65 in Jan & starting SS/Medicare.
Divorced about 10 mo ago (surprise!) so now - after forking over half of my buckets- I'm working on my Plan B approach to the next few years... I left the crazies in CO for a new life/lifestyle in TX earlier this year. House on some land all paid for so I don't have a mortgage or electric bill (installed solar)
I am interested to hear how others are structuring their sequence of taking retirement funds to avoid / minimize taxes/stretch their $$ & not get screwed (again) with more taxes on SS distributions.
I have funds in cash, IRAs & Roth IRAs, Fixed index annuities (both in qualified & Roth money), & Income annuities, and a bunch of alternative investments safe from Wall Street craziness- fine art shares, fine wine shares, a dozen casks (55 gal barrels) of 2020 Irish whiskey (the year of the 'Vid... when all distillers around the world stopped their liquor-making and turned to producing hand sanitizer, it seemed like a fun idea to capture a little bit of a reduced commodity...we'll see in 2028 or so), hardwood trees growing in Costa Rica, and several other angel investments (start ups / pre-IPO in a variety of industries/fields/products- 3 have IPO'd - all pretty good, but no black swans yet... still hoping!), and a little gold & silver in there for good measure.
Its the sequence of taking $$ out to meet my budgeted needs (savings + SS = budgeted expenses) without incurring excessive taxes- the annuities especially are confusing since I have both IRA & ROTH money in those vehicles. I am planning on using cash for the first little while to let those annuities continue growing, but maybe not?- that's where I need more education: I don't want to be forced into RMDs in 7-8 years...or lose $$ by doing sequence wrong and overpaying taxes.
At any rate- as I zero in on 'starting' my retirement on Jan 1st 24, I still have some planning to do, aside from putting it all on RED...
Divorced about 10 mo ago (surprise!) so now - after forking over half of my buckets- I'm working on my Plan B approach to the next few years... I left the crazies in CO for a new life/lifestyle in TX earlier this year. House on some land all paid for so I don't have a mortgage or electric bill (installed solar)
I am interested to hear how others are structuring their sequence of taking retirement funds to avoid / minimize taxes/stretch their $$ & not get screwed (again) with more taxes on SS distributions.
I have funds in cash, IRAs & Roth IRAs, Fixed index annuities (both in qualified & Roth money), & Income annuities, and a bunch of alternative investments safe from Wall Street craziness- fine art shares, fine wine shares, a dozen casks (55 gal barrels) of 2020 Irish whiskey (the year of the 'Vid... when all distillers around the world stopped their liquor-making and turned to producing hand sanitizer, it seemed like a fun idea to capture a little bit of a reduced commodity...we'll see in 2028 or so), hardwood trees growing in Costa Rica, and several other angel investments (start ups / pre-IPO in a variety of industries/fields/products- 3 have IPO'd - all pretty good, but no black swans yet... still hoping!), and a little gold & silver in there for good measure.
Its the sequence of taking $$ out to meet my budgeted needs (savings + SS = budgeted expenses) without incurring excessive taxes- the annuities especially are confusing since I have both IRA & ROTH money in those vehicles. I am planning on using cash for the first little while to let those annuities continue growing, but maybe not?- that's where I need more education: I don't want to be forced into RMDs in 7-8 years...or lose $$ by doing sequence wrong and overpaying taxes.
At any rate- as I zero in on 'starting' my retirement on Jan 1st 24, I still have some planning to do, aside from putting it all on RED...