Hello everyone, I have been reading almost every section for several years and realize there are in fact many highly educated and interesting people here with lots of experence and knowledge.
I would like some help as I am finally getting close to fully retired. My situation is that I owned a small one man business for the last 30 years and to save for retirement I got caught in the DB plan that in the later years I had to fund an extreme amount of money even more than I made in the business some years. At this point I have 1.6 million in an IRA and need to reduce that amount. The problem is how to pull out money every year without paying the high taxes. Even at 100,000.00 per year it will take me 16 plus years to pull this out. Count in SS and my taxes go even higher.
I have tried to think of everyway possible and I have talked to my accountant but It looks like I am just screwed unless I want to pay large taxes in retirement.
Any help from your experience would be indeed helpful.
I would like some help as I am finally getting close to fully retired. My situation is that I owned a small one man business for the last 30 years and to save for retirement I got caught in the DB plan that in the later years I had to fund an extreme amount of money even more than I made in the business some years. At this point I have 1.6 million in an IRA and need to reduce that amount. The problem is how to pull out money every year without paying the high taxes. Even at 100,000.00 per year it will take me 16 plus years to pull this out. Count in SS and my taxes go even higher.
I have tried to think of everyway possible and I have talked to my accountant but It looks like I am just screwed unless I want to pay large taxes in retirement.
Any help from your experience would be indeed helpful.