Logistics question on IRA withdrawals

[pb4uski]

Not in this thread but beaten to death in other threads.

 

[old medic]

Definitely a post that I will earmark for future reference. Thank you so much.

As did I, Looking at starting some Roth conversions this year, Major ones starting next year after DW trades paycheck for pension. We'll have 10/15 years before RMDs to get it all moved..... or spent...

 

[TheWizard]

As did I, Looking at starting some Roth conversions this year, Major ones starting next year after DW trades paycheck for pension. We'll have 10/15 years before RMDs to get it all moved..... or spent...

All of your tax-deferred accounts don't have to be moved to Roth or spent before RMD age. Just enough so that the remaining balance, and the resulting RMD, are modest compared to your other retirement income sources.

At my age 75, for instance, my RMD is way less than my pension/annuity income and a bit less than my SS income.
And I do QCDs to cover a portion of my tIRA RMD; it makes zero sense to pay taxes on $$$ that will go to charitable organizations...

 

[drdb]

Not in this thread but beaten to death in other threads.

Yes, but OP seemed concerned about estimated taxes so s/he may not be aware.

 

[old medic]

All of your tax-deferred accounts don't have to be moved to Roth or spent before RMD age.

We are in the position that everything we have tax deferred is just nest egg padding, and most likely RMDs will put us up a tax brackets once DW starts SS. What we dont spend will be left for the grandkids, preferably tax free.

 

[aja8888]

During the year, I live off SS almost entirely (single now). I pull my RMD in December and have enough taxes taken out to cover my yearly (calculated) liability. I transfer the RMD pull, less the tax payment, into my brokerage account. For lumpy expenses, I just take cash out of my brokerage account.