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I do not plan on "hitting up" my Standard IRA's or 401K until I am forced to at 70.5 living off other funds. What % of my IRA and 401K's funds will be the first years mandatory withdrawal?
The average annual RMD rate seems to be around 5% of the total in IRA or other tax-deferred accounts ... against which one pays taxes at their standard tax-rate.
I've been unsuccessfully looking for ways to reduce the tax bite. Earlier withdrawals or Roth tax conversions seem to be the most popular alternative, but, it depends on where one stands in their tax bracket.
I will talk to my tax guy about this sometimes this week but in the meantime, I have a question. I am retired with SS income and a part time job to keep me from getting bored. He told me if I did not make more that 20,000 this year, I would not have to file a tax return because my standard deductions will be more than that. So if I only made 5,000 for the year and took out say 12,000 out of my IRA, that would be 17,000 for the year, then I will not pay any tax on that withdrawal - - correct?
she said she would like to get me alone ... or was it a loan . ha ha ha
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