I just turned 60 and DW is 55. We have about 1.6M in liquid assets (brokerages, IRAs and Roth IRAs). I retired about 2 years ago and DW is planning to work another 2 years. I am also getting a military pension now.
In 10 years I will start taking SS and so will DW. Total income from SS and military pension will be about 70K.
I am currently pulling $ from both brokerage and taxable IRA (mine) at a 3.5% rate (counting all assets).
My question is, should I pull all of the 3.5% out of my taxable IRAs at this time? I will obviously drain them fairly fast but will let the other assets grow. My reasoning is that right now I can claim kids, mortgage, etc so might as well pull the taxable assets now. In addition, this will make required IRA withdrawals at 70 fairly small.
My strategy is to pull assets from taxable IRAs first, taxable brokerage assets second and ROTH last.
Your comments would be appreciated.
In 10 years I will start taking SS and so will DW. Total income from SS and military pension will be about 70K.
I am currently pulling $ from both brokerage and taxable IRA (mine) at a 3.5% rate (counting all assets).
My question is, should I pull all of the 3.5% out of my taxable IRAs at this time? I will obviously drain them fairly fast but will let the other assets grow. My reasoning is that right now I can claim kids, mortgage, etc so might as well pull the taxable assets now. In addition, this will make required IRA withdrawals at 70 fairly small.
My strategy is to pull assets from taxable IRAs first, taxable brokerage assets second and ROTH last.
Your comments would be appreciated.