U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-18-2014, 05:19 PM
 
11,948 posts, read 20,421,646 times
Reputation: 19366

Advertisements

Sort of a crazy question, I guess, but when I try to figure it out I get very generalized answers like "the 4% rule" or take it from your savings or other answers that don't get to the crux of the issue.....

We've been saving for retirement for a long time, and we have a few accounts -- my IRA rollover, his IRA rollover, a SEP-IRA.... and different mutual funds in each, and those have scrambled from one sale to another sale to cash and back into completely different funds... so I have no idea which is first in to pull those out first....

and while we aren't ready for retirement... if I do have to recreate a first in to do a first out with.... that will take some time.... If it means anything we are 12 years away from full retirement age, but I expect we'll be done working in three years, and while we do have some cash, I'm also thinking we might use the 72T rule to start drawing from our retirement funds.

Can anybody give me an idea?

Last edited by Tallysmom; 05-18-2014 at 05:28 PM..
Reply With Quote Quick reply to this message

 
Old 05-18-2014, 05:42 PM
 
71,869 posts, read 71,942,576 times
Reputation: 49418
it is going to be based on amounts ,your own personal situation, needs, investable assets and how they are structured and a whole lot more then can be answered here from a blurb.

Last edited by mathjak107; 05-18-2014 at 05:52 PM..
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 05:56 PM
 
Location: SoCal desert
8,093 posts, read 13,249,708 times
Reputation: 14870
Tallysmom -

Have you read this from the IRS?

Retirement Plans FAQs regarding Required Minimum Distributions

The fourth question is "How is the amount of the required minimum distribution calculated?"
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 05:58 PM
 
71,869 posts, read 71,942,576 times
Reputation: 49418
this has nothing to do with rmd's. this is more about which source of funds to hit first and if retirement funds will be hit should a 72t be done to gain access.,
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 06:21 PM
 
11,948 posts, read 20,421,646 times
Reputation: 19366
Quote:
Originally Posted by mathjak107 View Post
it is going to be based on amounts ,your own personal situation, needs, investable assets and how they are structured and a whole lot more then can be answered here from a blurb.
Then how do I find out? Is there a book or site out there that can help me figure it out? Or do I have to go to my brokerage house and ask the guy who's supposed to be my broker?
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 06:25 PM
 
Location: SoCal desert
8,093 posts, read 13,249,708 times
Reputation: 14870
Well, excuse me for reading the question differently than you, Mathjak.
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 06:27 PM
 
71,869 posts, read 71,942,576 times
Reputation: 49418
I would start by running a workup either in firecalc or even fidelity has a nice retirement planner software.

Get some ball parks on your potential ball park income you need , work up your expenses . Try taking social security at different ages.

Sort investments by type and tax status.

Project whether your ss will be taxable. What rmds may look like down the road.

My suggestion is if you are totally green seek out a good advisor. You really need a complete work up.

For starters you can read bill bernsteins e-book the ages of the investor or i like bob clyatts book work less live more.
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 06:29 PM
 
71,869 posts, read 71,942,576 times
Reputation: 49418
Quote:
Originally Posted by Gandalara View Post
Well, excuse me for reading the question differently than you, Mathjak.
Well she did say they are not retirement age and wondering what assets to hit first and how before being 59-1/2.

Rmds come in to play way down the road.
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 06:41 PM
 
71,869 posts, read 71,942,576 times
Reputation: 49418
As far as what accounts to tap first?

That will depend on whats in them, how much, your tax brackets and the tax status of those accounts as far as roth,traditional or taxable.

It will also depend on incomes and what age you plan to take social security.

As an example planning to hold off taking ss until 70 can create quite a tax torpedo when combined with rmd's. It also matters whether you hold index funds or regular managed funds in a taxable brokerage account.

Index funds can have decades of pent up taxes due if you sell.

As you see there is no easy answer that is right for you without a load of info.
Reply With Quote Quick reply to this message
 
Old 05-18-2014, 11:00 PM
 
11,948 posts, read 20,421,646 times
Reputation: 19366
Well, poop. I think I gotta get a guy. I have a hard time trusting them. But that can work to my favor, too. I sure as heck won't sign anything until I UNDERSTAND it....
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top