Our FP is having us live off cash for the next few years until age 70 and then both collect SS.
He wants us to do some Roth conversions in the meantime to lower the Traditional IRA balances before RMDs hit at age 72.
But I hate the idea of having to use even more bank account cash or $ from our very tax efficient brokerage account to pay the taxes on the conversions. I was wondering why not just draw down the traditional IRA money now? Doesn’t that achieve the same thing? It will leave more cash and the brokerage account for later and less of a hassle I would think.
I guess I’m missing something here
He wants us to do some Roth conversions in the meantime to lower the Traditional IRA balances before RMDs hit at age 72.
But I hate the idea of having to use even more bank account cash or $ from our very tax efficient brokerage account to pay the taxes on the conversions. I was wondering why not just draw down the traditional IRA money now? Doesn’t that achieve the same thing? It will leave more cash and the brokerage account for later and less of a hassle I would think.
I guess I’m missing something here