Are the posted questions getting worse?
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I have decided that for me, if I can manage it, retirement looks like me transitioning to a lower paid job for a year or two so I can convert my 401k to a Roth 401k, pay lower taxes on the conversion amounts, lower my RMDs, and then be able to take the money out of the Roth when I want without having to worry about additional taxes.
That's assuming my body lasts long enough to do that. @=)
- jasona.work wrote:
Just a heads up for Steve Jones, the links to comment on the editorial from today "Would You Retire Rather Than" aren't working. And I was all set to comment.
Might work now. There doesn't appear to be a top level comment, but I added one. Try again
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Interesting, I hadn't thought about converting to a Roth. My 401 isn't that large, as I've moved a lot of previous ones into qualified accounts already, but not a bad idea to think about if I find another job. Right now, I hope I don't change jobs and keep doing this for 10 more years.
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Steve, if you moved your funds to traditional IRAs, then you have a lot of pre-tax money (potentially) with RMDs (Required Minimum Distributions) coming up in your retirement.
RMDs work on a Bell curve, sort of. You start of with a smallish amount that balloons a few years in, and depending on how much total pre-tax funds you have and your "current" age, you might end up forced to take a huge chunk of money out of your retirement accounts whether you want to or not.
If you are currently working a lower-tax bracket job, anything below 24 - 26%, you should consider converting some of those traditional to a Roth if you're eligible. I advise reaching out to a financial advisor to discuss your options. Maybe it's better to leave it pre-tax. Maybe it's not. If your estimate for retirement is getting more money than you get now, it's definitely worth checking into moving between pre and post tax accounts.
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I'm not sure the RMD is an issue for me. We're in a good place and are likely to eat up funds beyond the RMD after 70 to enjoy life. I'm looking to leave my kids something, but not a lot and we want to travel and see the world.
I'll ask my guys ( we meet with them soon). I could certainly think about rolling over my Redgate money if I needed to.
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Well this is shaping up to be a fun end-of-the-week...
Wildfires up in Ontario, Canada, are sending their smoke down here to Michigan, resulting in it looking foggy in the Detroit area (now you have an idea where I live!) Normally this sort of thing hasn't bothered me, but this is bad enough I was feeling it in my throat yesterday evening and today it's bad enough it's giving me a headache...
Even more fun, we're not able to telework anymore, even for this, so we're here in the office. There's a hallway just outside where I sit that's about 600ft long and there's enough smoke that's come in through the vents and people going in and out of the buildings, that it's VISIBLY hazy looking the length of the hall...
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We've been sweating fires in CO. It's so dry and hot. Definitely hazy in places, and they have warned people about being outside too long.
Yikes, I'd hope buildings would filter better, but maybe not. Might be time for a new dress code?
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Well, the building I work in was constructed back around 1941-42 or so and I'm pretty sure the windows are still the originals (they OPEN!) which means they seal about as well as a wet paper bag. You can FEEL the air movement through the gaps when they're closed.
Thankfully, the big boss decided to allow telework to get people out, so at least now I'm breathing SLIGHTLY better air in my house.
I was thinking of going by the hardware store for a mask like that if we had to go in tomorrow! LoL
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Smoke sucks. I hate working outside if we have it. I do have some light masks, but really need eye protection. It bothers my contacts.
I know in the old Redgate office, the AC was creaky. I showed up there from the train one day when it was 30C and they'd sent everyone home. Pre-covid and I had to sort out a place to work as my small hotel room didn't have a desk
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