Hi all,
I'm 62, retired at 55. I have $1,000,000 in my 401k, $350,000 in my roth, $60k in savings and $30K in treasury direct account. I have $600k equity in my house that is paid off and no debts. Started collecting SS for me and my wife this year and have pension for a total monthly income of 6K, so not really using the 401k or Roth to live on now.
I have $500K of capitol losses from when I was actively trading stocks, I paid a lot of taxes on the gains but could not write off the losses as I stopped trading when I retired and used the taxable account to buy my house.
I was looking for a way to use the capitol losses before I'm dead, currently only using 3K of it every year. Does it make sense to transfer some or all of the 401k into a regular brokerage account so it can effectively grow tax free using the capitol losses to offset the gains?
Any thoughts appreciated