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.
I have savings, which at times have to supplement my SS. I guess I misunderstood th part that said
He’s talking about how different people *manage* drawing on the savings to ensure that the balance is maintained enough to provide a steady income stream. There are a zillion threads about this in the Econ section of the forum.
He’s talking about how different people *manage* drawing on the savings to ensure that the balance is maintained enough to provide a steady income stream. There are a zillion threads about this in the Econ section of the forum.
There have been a couple of recent threads on this topic. One in the retirement forum and another in investing forum. Otherwise it seems to be a topic that is largely overlooked and certainly misunderstood. Do you have some links to these zillion threads?
There have been a couple of recent threads on this topic. One in the retirement forum and another in investing forum. Otherwise it seems to be a topic that is largely overlooked and certainly misunderstood. Do you have some links to these zillion threads?
I did. I still do not see anything close to a zillion threads in the econ section. There have been some recent threads and discussions in several different forums but not much in the past.
I withdraw as I need. I never adhere to any rule, I had plan to travel a lot in the first five years, that will soon end after the next two big trips. After that, I expect to travel less and more spur of the moment type of travel, depends on what airlines go on sale. So instead of 2-4 months in Europe, it will be 3 weeks. So naturally, I expect my travel expense to go down. But I anticipate to buy a new car in a few years, so that will even out. All these money come from after tax pile.
The reason I don’t worry about my withdrawal rate is because I anticipate to take a large check from SS, that is certain. What’s not certain is other income might rise, I have no idea how much, but it will be at least comparable to inflation.
My retirement pile will be used for LTC, plus by the time we need LTC, our travel expense will be down to zero. Before that time, I plan to enjoy my garden, hence I put in a lot of roses, peonies, and clematis. Al will be less expensive. The only big expense I can foresee is buying one expensive camera with zoom to take photos of birds and critters in our garden.
So maybe my withdrawals are more bucket type. Who knows?
My SS and RMDs are automatically deposited to my checking account. If I need more money, I just sell some funds and take out what I need. Sometimes I have to remind myself that it's OK to spend the money that I spent so many years saving. As a friend said recently, the money was saved for my old age... now I am in old age so it's time to spend.
This is an interesting question and I am pondering how to do my withdrawals from IRAs and regular mutual funds. Will take the suggestion to go to the economics forum to get some insight.
As it is what I wonder is whether to start my RMD withdrawals in 2 years from my Annuity IRA, draw it down, then move on to my regular IRA. I have SS and pension so my withdrawals would be less than if they were my sole asset. I am a good saver but not one who is much of a spender.
Anyone with opinion on IRA Annuity withdrawal first?
I did. I still do not see anything close to a zillion threads in the econ section. There have been some recent threads and discussions in several different forums but not much in the past.
You are right that withdrawing gets discussed in many threads, but it is because the conversation has veered off the original thread topic. I was hoping to have a dedicated topic to withdrawal methods. Sorry if such a thread exists in Economics; a lot of what is discussed there seems to be people saving rather than spending down.
This is an interesting question and I am pondering how to do my withdrawals from IRAs and regular mutual funds. Will take the suggestion to go to the economics forum to get some insight.
As it is what I wonder is whether to start my RMD withdrawals in 2 years from my Annuity IRA, draw it down, then move on to my regular IRA. I have SS and pension so my withdrawals would be less than if they were my sole asset. I am a good saver but not one who is much of a spender.
Anyone with opinion on IRA Annuity withdrawal first?
Two things,
1. Just so I am clear, does your "Annuity IRA" refer to an IRA that you have already converted to be paid out as guaranteed income, over a certain period of time or lifetime? If so, isn't the timing and amount of payouts already determined by your annuity contract? I'm not entirely sure what is meant by "annuity IRA" as opposed to regular IRA, or how much flexibility it gives you, so may be misunderstanding the question.
2. This is not to discourage further discussion here, but I started a thread not long ago on the order of withdrawals across various asset pools. The topic didn't get a lot of traction (starting with "ask your financial advisor"), but will link here for general interest:
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.
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.
