Hi. I am looking for recommendations for a tool that will help my husband and I make decisions about which sources (taxable, IRAs, Roth IRAs, 401(k)s, 401(k) Roth conversions) to take withdrawals from to minimize taxes and make our savings last. I was using i-ORP but that doesn't seem to be maintained anymore.
My husband (age 61) retired a year ago and I am still working (age 58).
He collects a pension. We aren't using our savings yet, but we moved when he retired to a HCOL area. We are selling our current home and purchasing a more expensive one. The new home will cost about $800k more than the proceeds from our current home sale (we are comfortable with the expense). We don't know how to finance the difference: a mortgage that we pay off ASAP or take large withdrawal(s) from our various accounts, but which ones?
Do you have recommendations on a tool that will help us with these decisions? Perhaps we should consult a tax/retirement planner?
Thanks,
Linda
My husband (age 61) retired a year ago and I am still working (age 58).
He collects a pension. We aren't using our savings yet, but we moved when he retired to a HCOL area. We are selling our current home and purchasing a more expensive one. The new home will cost about $800k more than the proceeds from our current home sale (we are comfortable with the expense). We don't know how to finance the difference: a mortgage that we pay off ASAP or take large withdrawal(s) from our various accounts, but which ones?
Do you have recommendations on a tool that will help us with these decisions? Perhaps we should consult a tax/retirement planner?
Thanks,
Linda