We have 2 million in tax deferred accounts in combination of 401k , IRA and defined benefit plan and 2.5 million in taxable accounts
We are mid 50s couple ; at least one of us will work at least 5-10 years more and not draw on above accounts
We are in top tax bracket
Thinking of closing down the defined benefit plan and there by decreasing future tax deferred space so we can contribute more to taxable accounts
This will increase the taxes we pay now due to loss of some tax deferral space
Struggling with above decision
What would you do in our situation?
We are mid 50s couple ; at least one of us will work at least 5-10 years more and not draw on above accounts
We are in top tax bracket
Thinking of closing down the defined benefit plan and there by decreasing future tax deferred space so we can contribute more to taxable accounts
This will increase the taxes we pay now due to loss of some tax deferral space
Struggling with above decision
What would you do in our situation?
Statistics: Posted by Jimsad — Tue Jan 16, 2024 4:58 pm — Replies 20 — Views 1020