I do read this forum regularly and have spent a good deal of time learning finances. However, I am not able to get the answer I need. I-Orp, no matter how I’ve tried to use it, I can’t understand the answers! So, here’s the situation:
Married, 66&68, retired 9 years. Most of our portfolio is in tIRA’s. Some are in CD’s which come due very soon.
I receive SS and my DH is waiting until 70. Our income has us in the 12% bracket (SS, interest & dividend $40k)
We have kept cash for our living expenses until my DH reaches 70 and collects SS separately, but I’ve been reading that we should be using our tIRA money instead to help alleviate the tax burden at age 72 with RMDs. So, should we take this CD money and “convert” to Roth? Or to just cash? I’d transfer it from the tIRA CD just to a Roth or cash one.
If there is any easy to use calculator for this, please direct me to it.
Like to stay at 22%.
Thank you for any help and guidance
Carol
Married, 66&68, retired 9 years. Most of our portfolio is in tIRA’s. Some are in CD’s which come due very soon.
I receive SS and my DH is waiting until 70. Our income has us in the 12% bracket (SS, interest & dividend $40k)
We have kept cash for our living expenses until my DH reaches 70 and collects SS separately, but I’ve been reading that we should be using our tIRA money instead to help alleviate the tax burden at age 72 with RMDs. So, should we take this CD money and “convert” to Roth? Or to just cash? I’d transfer it from the tIRA CD just to a Roth or cash one.
If there is any easy to use calculator for this, please direct me to it.
Like to stay at 22%.
Thank you for any help and guidance
Carol