Hello
I am 58.5 years old and just lost my job. Pleading ignorance here regarding $ and finance hence I am scrambling abit. I am single for what to do moving forward with my plan to live money-wise moving forward Currently I have 500k in my fidelity account and 280k in my pension. That pension option for me is to either $3,500 a month until 62 when I start collecting my s.s which is ball-parked at $2,400 a month atm. I think since I am not planning to go back to work and not putting any additional $ into SS, my amount at 62 might be reduced to $1800 a month. Since I don't plan to go back to work(burnt-out), I pretty much decided to take the pension and roll it into an IRA that I hope to use the pension to withdraw from until I reach 62.
280k pension options for annuities is 3.5k per month until 62 and then 1k until kaput.
My question is regarding taxes, I plan to take out 40-50k per year from pension/ira until I reach 62 when SS kicks in. I will still need additional $ from ira after ss kicks in at 62 to survive but want to minimize my tax to the gov't as well. Thank you for making it this far.
I am 58.5 years old and just lost my job. Pleading ignorance here regarding $ and finance hence I am scrambling abit. I am single for what to do moving forward with my plan to live money-wise moving forward Currently I have 500k in my fidelity account and 280k in my pension. That pension option for me is to either $3,500 a month until 62 when I start collecting my s.s which is ball-parked at $2,400 a month atm. I think since I am not planning to go back to work and not putting any additional $ into SS, my amount at 62 might be reduced to $1800 a month. Since I don't plan to go back to work(burnt-out), I pretty much decided to take the pension and roll it into an IRA that I hope to use the pension to withdraw from until I reach 62.
280k pension options for annuities is 3.5k per month until 62 and then 1k until kaput.
My question is regarding taxes, I plan to take out 40-50k per year from pension/ira until I reach 62 when SS kicks in. I will still need additional $ from ira after ss kicks in at 62 to survive but want to minimize my tax to the gov't as well. Thank you for making it this far.
Statistics: Posted by vincecassie — Sat Jun 29, 2024 7:28 pm — Replies 2 — Views 201