Traditional or Roth IRA?

[dcline9163]

RMD begins at 70.5 years of age?

I think 73

 

[Allsmiles]

Here is a link to an RMD calculator. https://q3adv.com/rmd-calculator/
You will need to update the table with your info as it is just set to default. I'm using them to help with planning our conversion. There are a lot of moving parts and considerations that you have to look at for retirement.

 

[Allsmiles]

RMD begins at 70.5 years of age?

73, but depends on your age as it might be a little later.

 

[TheGman]

Good to know thanks guys

 

[Eggmanmja01]

My RMD is 75. Will it make it that long? 🤷‍♂️

 

[basstracker89]

I am retired now so I cannot add more into my TSP for deferments. I maxed out every year to drop my tax bracket to as little as possible.
The only bills I have now are property tax, insurance and utilities. My current retirement is decent and I am still able to save a few grand a month, so I am just looking to keep my tax bracket lower. I have multiple 3-month CDs that turn over every 15 days for 3 months, in case I need the cash.
I believe I am in a good position financially, but I don't want money just sitting in a savings account not even making 1% interest. Since I am over 50, I plan on just putting the lump sum amount of 8k into an IRA.
I hope i am making sense. 😆

You're in a far better situation than most. Sounds like you have done very well

 

[basstracker89]

Yes sir so that being said take some out gradually so it won’t hit too hard. That being said it will be catastrophic at a must take time.

Exactly

 

[basstracker89]

My RMD is 75. Will it make it that long? 🤷‍♂️

It's all a crap shoot

 

[basstracker89]

Here is a link to an RMD calculator. https://q3adv.com/rmd-calculator/
You will need to update the table with your info as it is just set to default. I'm using them to help with planning our conversion. There are a lot of moving parts and considerations that you have to look at for retirement.

The good news is, we have more options than we used too. The bad news is, they make it incredibly complicated. It may help to talk to a specialist

 

[Allsmiles]

The good new is, we have more options than we used too. The bad new is, they make it incredibly complicated. It may help to talk to a specialist

I'm talking to several groups for different things. Just know that nothing is free, so pay for good/great advice. Avoiding one mistake can pay for them quickly. The wrong advice can cost you a huge amount and you only really get one shot to do it right.