I'm starting to get worried about taxes when I retire (which is in about 9 days!) Here's the situation...any advice for me?
I will have residual "normal" work checks until mid-August. But then I'll have five and a half months of no income, plus I'll have to pay about $800/month extra for my COBRA health plan until January, when I'll get onto Medicare Advantage. I'll start getting my pension in January also (which will represent about 1/3 of my "full retirement income" when I finally get it all), then I'll have 14 months until I pick up Social Security at FRA. This means I'll have to withdraw funds from my 403b until March of 2021, at which point (when I get SS) I'll reevaluate how much I'll need to pull from the 403b.
How do I deal with taxes? I have a tax lady who started doing our taxes about three years ago (up until then, my DH had always done them.) Will she be able to help us figure out how to deal with taxes on the 403b funds, or, better yet, do it for us? Is there anything I should be doing? I don't even know how - or how often during a year - to withdraw from my 403b!
I will have residual "normal" work checks until mid-August. But then I'll have five and a half months of no income, plus I'll have to pay about $800/month extra for my COBRA health plan until January, when I'll get onto Medicare Advantage. I'll start getting my pension in January also (which will represent about 1/3 of my "full retirement income" when I finally get it all), then I'll have 14 months until I pick up Social Security at FRA. This means I'll have to withdraw funds from my 403b until March of 2021, at which point (when I get SS) I'll reevaluate how much I'll need to pull from the 403b.
How do I deal with taxes? I have a tax lady who started doing our taxes about three years ago (up until then, my DH had always done them.) Will she be able to help us figure out how to deal with taxes on the 403b funds, or, better yet, do it for us? Is there anything I should be doing? I don't even know how - or how often during a year - to withdraw from my 403b!