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Old 11-05-2016, 11:23 AM
 
Location: Columbia SC
8,965 posts, read 7,737,941 times
Reputation: 12164

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We have talked some about how long does one wait before finally saying/realizing they cannot take it with them. Well at age 74 and no spouse (she died a year ago), I have finally decided it is time to start drawing down on my retirement (non-IRA) accounts (several mutual funds and direct stock).

I have started with the highest cost per share accounts (for tax purposes) which are Fidelity and VanGuard. I have set up a specific dollar amount monthly withdrawal form each. As far as my direct stock ownership, I am going to see what my taxing situation in as 2016 will be my first taxing year as filing single but I expect they (the stocks) will be the next draw down/sell.

I have not touched nor at this time plan on touching my IRA's. Other than RMD's, I am letting them (mutual fund based) continue to sit there and earn.

The one thing that started me in this direction was the realization that with no spouse, it is all about me...me...me. A different and I must admit liberating way of thinking. It is time to start enjoying the labor of my savings. Not sure what to do with the extra but I will find something to do with it.......LOL
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Old 11-05-2016, 11:57 AM
 
Location: Florida
4,365 posts, read 3,698,498 times
Reputation: 4105
Sounds like you know what you are doing.

I would try and estimate your taxes for this year. Depending on your income you may have no or little capital gains tax. You can probably use a free tax software package (look at the IRS site to find links) to test your tax.

If you have any losses sell these first to avoid taxes.

Might look at a LOW (Vanguard) cost annuity to add income to life and reduce the need for the assets you are spending down.

Good luck
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Old 11-05-2016, 12:14 PM
 
6,880 posts, read 7,278,655 times
Reputation: 9786
John, I'm single, never married, no kids….
I'm well traveled, speak foreign languages, well educated…..
low maintenance, spiritually grounded, down to earth (if I do say so myself)
I'd make a great companion!

You could play as much golf as you like, and I wouldn't mind….
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Old 11-05-2016, 02:45 PM
 
2,678 posts, read 1,540,967 times
Reputation: 2587
Just remember 401k and 403b and ira go to heirs on your death. They must pay taxes on withdrawals, and your RMD apply to them. You might be kinder to your heirs by spending these first.
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Old 11-05-2016, 04:53 PM
 
Location: Columbia SC
8,965 posts, read 7,737,941 times
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Quote:
Originally Posted by bigbear99 View Post
Just remember 401k and 403b and ira go to heirs on your death. They must pay taxes on withdrawals, and your RMD apply to them. You might be kinder to your heirs by spending these first.
I have no 400's and as far as my heirs, I am not concerned about them and anything they get is gravy so let them deal with the taxes.

Want to avoid taxes? Have nothing....LOL
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Old 11-05-2016, 04:57 PM
 
Location: Columbia SC
8,965 posts, read 7,737,941 times
Reputation: 12164
Quote:
Originally Posted by rjm1cc View Post
Sounds like you know what you are doing.

I would try and estimate your taxes for this year. Depending on your income you may have no or little capital gains tax. You can probably use a free tax software package (look at the IRS site to find links) to test your tax.

If you have any losses sell these first to avoid taxes.

Might look at a LOW (Vanguard) cost annuity to add income to life and reduce the need for the assets you are spending down.

Good luck
I would not touch an Annutiy with a 10 foot pole but another subject.
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Old 11-06-2016, 07:17 AM
 
Location: Charleston, SC
1,362 posts, read 766,848 times
Reputation: 2428
johngolf --

First of all my condolences on the loss of your wife. I've enjoyed your posts and I've learned a lot about life from your views on various topics.

Secondly, there is a good piece of software on the TurboTax website called TaxCaster. You can enter estimates of your data for 2016 and it will produce a solid forecast of what you may owe our Rich Uncle Sam.
https://turbotax.intuit.com/tax-tool...ors/taxcaster/

And lastly, you may never get a better deal than Selhars just offered........I'd give it serious consideration.
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Old 11-06-2016, 08:42 AM
 
Location: Columbia SC
8,965 posts, read 7,737,941 times
Reputation: 12164
Five

Thanks for the condolences and the link. I was going to do a "dummy" TurboTax return but this seems to be the answer.

Selhars sounds lovely but I have decided I am quite happy going it alone with my occasional FB....but another subject.....LOL
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Old 11-07-2016, 09:58 AM
 
11,242 posts, read 11,262,240 times
Reputation: 3448
Quote:
Originally Posted by selhars View Post
John, I'm single, never married, no kids….
I'm well traveled, speak foreign languages, well educated…..
low maintenance, spiritually grounded, down to earth (if I do say so myself)
I'd make a great companion!

You could play as much golf as you like, and I wouldn't mind….
selhars, you don't indicate if you're male or female. We don't discriminate in here based on sexual preference but John may have his own personal preference.
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Old 11-07-2016, 10:00 AM
 
11,242 posts, read 11,262,240 times
Reputation: 3448
Quote:
Originally Posted by johngolf View Post
I am quite happy going it alone with my occasional FB
FaceBook?
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