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 04-13-2016, 11:27 AM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451

Advertisements

That's what I said as well, love of or coveting. Money itself is not. I will always pay tax on 85% of our SS. Pensions guarantee that. Still good advice if you can, to convert as much from tIRA to a Roth if the taxes are equal or less now than later. It also gives you a more realistic handle on how much money you really have. In the 35% bracket, savings of $600,000 spending power in a Roth sounds way less than $900,000 in an IRA, but they are the same.
Reply With Quote Quick reply to this message

 
Old 04-13-2016, 11:27 AM
 
Location: NC Piedmont
3,911 posts, read 2,876,213 times
Reputation: 6291
Quote:
Originally Posted by Larry Caldwell View Post
The quote is actually "The love of money is the root of all evil."
If you are going to be picky, be picky...
Quote:
For the love of money is a root of all kinds of evil… ( 1 Timothy 6:10 )
Reply With Quote Quick reply to this message
 
Old 04-13-2016, 11:44 AM
 
71,469 posts, read 71,652,652 times
Reputation: 49027
Quote:
Originally Posted by Larry Caldwell View Post
Tap your tax-deferred accounts first, and have all your remaining tax deferred accounts rolled into a Roth when you start collecting SS. Otherwise you will end up paying federal income tax on up to 85% of your SS, which can be a big financial hit. Thanks to pensions and tax deferred savings, that little gotcha costs my wife and I $8000/year. I didn't know about it when I was planning for retirement.

Quote:
Originally Posted by Perryinva View Post
That's what I said as well, love of or coveting. Money itself is not. I will always pay tax on 85% of our SS. Pensions guarantee that. Still good advice if you can, to convert as much from tIRA to a Roth if the taxes are equal or less now than later. It also gives you a more realistic handle on how much money you really have. In the 35% bracket, savings of $600,000 spending power in a Roth sounds way less than $900,000 in an IRA, but they are the same.



if i tried to convert what was left in to a roth prior to ss my taxes would be insane . the rmd's and ss would be lower . in our case ss is taxed no matter what

plus hitting my ira's first would create taxable income that would take away my aca subsidy until 65 so there are no blanket statements that work across the board.

like snow flakes we are all unique .

Last edited by mathjak107; 04-13-2016 at 11:58 AM..
Reply With Quote Quick reply to this message
 
Old 04-13-2016, 03:12 PM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Most of you will hopefully understand what I am about to say personally on this topic. I have been active n many of these discussions overtime. However at this point of the travel it is all beginning to read blah, blah blah! Hopefully whatever you decide at some point it will be in your review mirror also and all be good!
Reply With Quote Quick reply to this message
 
Old 04-13-2016, 05:39 PM
 
Location: RVA
2,164 posts, read 1,264,598 times
Reputation: 4451
Well sure, it mostly is already in your rearview mirror, you're almost 70!
Reply With Quote Quick reply to this message
 
Old 04-13-2016, 07:09 PM
 
Location: NC Piedmont
3,911 posts, read 2,876,213 times
Reputation: 6291
Quote:
Originally Posted by Perryinva View Post
That's what I said as well, love of or coveting. Money itself is not. I will always pay tax on 85% of our SS. Pensions guarantee that. Still good advice if you can, to convert as much from tIRA to a Roth if the taxes are equal or less now than later. It also gives you a more realistic handle on how much money you really have. In the 35% bracket, savings of $600,000 spending power in a Roth sounds way less than $900,000 in an IRA, but they are the same.
That is an onteresting quandary i often worry over and actually another reason that delaying can make more sense. I am nearly all tax deferred, so if I can keep expenses low in some of the early years it will go a lot further because of the low tax rate. I currently make too much to do conversions before retirement. I don't expect much sympathy. The actual buying power of tax deferred money is pretty nebulous.
Reply With Quote Quick reply to this message
 
Old 04-13-2016, 07:51 PM
 
29,764 posts, read 34,851,819 times
Reputation: 11675
Quote:
Originally Posted by Perryinva View Post
Well sure, it mostly is already in your rearview mirror, you're almost 70!
Like game over in investing there us such a point in SS. Get there folks and enjoy you will have earned 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