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Old 02-03-2018, 04:23 PM
 
1,527 posts, read 636,080 times
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I will just flip it into my taxable account if I don’t need it.
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Old 02-03-2018, 04:28 PM
 
Location: Florida
5,270 posts, read 3,032,613 times
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Quote:
Originally Posted by Gusano View Post
I will just flip it into my taxable account if I donít need it.
That is what I did.
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Old 02-03-2018, 04:28 PM
 
Location: Central Mexico and Central Florida
7,108 posts, read 3,472,074 times
Reputation: 10184
Quote:
Originally Posted by charlygal View Post
Even if one is financially comfortable, I always find it odd that people don't know what to do with available discretionary income. So much so that one has to inquire of strangers on the internet. Isn't planning for RMD a part of normal retirement planning? Personal projects, charities, funding social programs, helping the poor, endowing scholarships, helping a viable start up, etc.

OP, I'm not trying to talk negatively about you. I just find it odd that in today's world, people blessed to have money are not plugged into general "need" of the world around them.
As a permanent resident of Mexico (green card) I see poverty that I can do something about. Not send something off in an envelope or via PayPal and wonder what it goes for. I am hands-on at an orphanage....I saw their horrible old mattresses....I went to the mattress store and bought them, had them delivered. Went to the fabric store and had them make new sheets (this is cheaper here than buying ready made). I see the mattresses, the sheets....the kids got them, no worries it went anywhere but straight to them.

I also am involved with kids with severe disabilities....breaks my heart to visit them. I had their residences re-wired. Next I will get solar panels for both this facility and the orphanage.
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Old 02-03-2018, 04:29 PM
 
2,631 posts, read 1,940,947 times
Reputation: 4597
Quote:
Originally Posted by blktoptrvl View Post
If you reach the age of mandatory withdrawals (70?) from your IRA and Roth, you you don't actually need that money because you are just living on saving accounts, what do you do with that cash?

Do you just shift to a regular savings accounts, or is there some other kind of sheltered account you can send it to? Or is this when you starting giving a lot of money away?


No problem. For safe keeping:


Send it (certified check) to:


Me
PO Box 564
Sarasota, FL 38007-7564
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Old 02-03-2018, 04:44 PM
 
Location: SC
8,793 posts, read 5,672,057 times
Reputation: 12805
Quote:
Originally Posted by charlygal View Post
Even if one is financially comfortable, I always find it odd that people don't know what to do with available discretionary income. So much so that one has to inquire of strangers on the internet. Isn't planning for RMD a part of normal retirement planning? Personal projects, charities, funding social programs, helping the poor, endowing scholarships, helping a viable start up, etc.

OP, I'm not trying to talk negatively about you. I just find it odd that in today's world, people blessed to have money are not plugged into general "need" of the world around them.
Actually that was not my question. I know of needs around the world, but what I asked was...

...is there any place that I can put MY savings that can keep growing without being taxed. What I choose to do with with MY money - whether I give all, part, or none of it away or how I go about that giving is beside the point isn't it?

Discretionary income today might be critically needed income tomorrow and I want to plan for that possibility.

For those who are actually interested in the original question... Have you ever heard of a QLAC. This is a new one to me.

https://www.marketwatch.com/story/wh...ses-2016-11-02

Invest in a QLAC. Lonier also said some may find it advantageous to defer some of their tax-deferred account further, by purchasing a qualifying longevity annuity contract or QLAC that begins paying at age 80 or 85, which moves $125,000 or 25% of their deferred savings, whichever is smaller, out of RMD calculations until the QLAC begins paying annual income.

Last edited by blktoptrvl; 02-03-2018 at 05:00 PM..
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Old 02-03-2018, 04:51 PM
 
Location: Planet Woof
3,139 posts, read 3,514,750 times
Reputation: 9889
Quote:
Originally Posted by blktoptrvl View Post
If you reach the age of mandatory withdrawals (70?) from your IRA and Roth, you you don't actually need that money because you are just living on saving accounts, what do you do with that cash?

Do you just shift to a regular savings accounts, or is there some other kind of sheltered account you can send it to? Or is this when you starting giving a lot of money away?
Ha! You can send some my way!
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Old 02-03-2018, 04:53 PM
 
9,417 posts, read 6,285,185 times
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Quote:
Originally Posted by ged_782 View Post
I don't know how much money you have in your accounts, but I would probably take only the minimum required annual withdrawl, and either add to regular savings; or since it sounds like you don't really need the money, donate some or all of it to charities of your choice, as dothetwist suggests.


Either way, it's a good problem to have.
We have a winner!
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Old 02-03-2018, 05:00 PM
 
11,156 posts, read 8,567,464 times
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Quote:
Originally Posted by mathjak107 View Post
just because you are aware of different causes does not mean you just want to hand them dollar bills so getting an education on more efficient ways of giving can be helpful .

there are ways of giving that are better than other ways .

just because he has money to donate does not mean he knows exactly where he wants to donate it yet , but he may want that deduction now .

perhaps he wants to donate a sizable sum and not drips and drabs yet get his yearly tax deduction .

fidelity investments has charitable gift accounts you can set up that can do all of the above .

some charitable trusts will even pay you an income for your donation and allow you to take the deduction .

https://www.fidelity.com/growing-man...ritable-giving
Of course. I would never randomly give out money. There are many legitimate ways to give to a variety of outlets. Most banks can help someone set up a scholarship endowment. There are business incubators with vetted businesses that can benefit with an injection of capital in return for a piece of equity. Partner with a local summer camp and set up a two week program that teaches young girls how to code or pursue STEM jobs. Ton of possibilities.
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Old 02-03-2018, 05:05 PM
 
3,145 posts, read 1,734,316 times
Reputation: 3520
Quote:
Originally Posted by blktoptrvl View Post
If you reach the age of mandatory withdrawals (70?) from your IRA and Roth, you you don't actually need that money because you are just living on saving accounts, what do you do with that cash?

Do you just shift to a regular savings accounts, or is there some other kind of sheltered account you can send it to? Or is this when you starting giving a lot of money away?
Why do you think you don't need the money?
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Old 02-03-2018, 05:15 PM
 
15,395 posts, read 4,070,117 times
Reputation: 11090
Quote:
Originally Posted by blktoptrvl View Post

Looks like the current gift tax is $14,000. I guess that is the best way to go, to start distributing to siblings. And then charities. Thanks.
You can give away well more than then 14K yearly. Firstly, there is the regular way.

You and a spouse each give 14K to a son or daughter and their spouse. That makes it 64K.

But a friend in the industry told me you can give them 100K if you like and still now pay any taxes. The key is that the exemption when you die includes this money. So if it's 10 million for a couple, and you have given 2 million away, you only get to give 8 million more tax-free to the family......

I don't think many of us are going to have to worry about this. Fewer than 0.2% of Americans would own AY Estate Tax and that figure will probably even be reduced. So even the 1% won't be paying inheritance tax (most of them).

Charity is a good thing - unfortunately I've worked for a few that weren't. You have to be really careful and the numbers the charities provide are often fudged. Can't go too far wrong with the Red Cross or certain other charities.

The vast majority (98% plus) of Retirees don't have enough money to give ANY of it away...not knowing whether or not they need to spend a couple million in the last year or two for health care, etc.
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