I am 66, retiring in May.
I have a few questions about which retirement accounts to draw from and when.
My retirement accounts are allocated as follows:
Trad. IRA 65%
Roth IRA 18%
Taxable 12% half of this is cash.
Cash HY Bank Account 5%
The overall allocation is 60/40 which I plan to continue for a few more years and then shift to a slightly more conservative strategy.
Questions:
Which account should I draw on first to meet expenses that exceed monthly SS and pension? SS and pension should cover about 85-90% of expenses.
I’ve been reinvesting dividends. Is it time to change that and use dividend income for current expenses? If so which accounts should I take dividends from first?
I anticipate my tax bracket will be lower in retirement. Should I be thinking about Roth conversions?
I have a few questions about which retirement accounts to draw from and when.
My retirement accounts are allocated as follows:
Trad. IRA 65%
Roth IRA 18%
Taxable 12% half of this is cash.
Cash HY Bank Account 5%
The overall allocation is 60/40 which I plan to continue for a few more years and then shift to a slightly more conservative strategy.
Questions:
Which account should I draw on first to meet expenses that exceed monthly SS and pension? SS and pension should cover about 85-90% of expenses.
I’ve been reinvesting dividends. Is it time to change that and use dividend income for current expenses? If so which accounts should I take dividends from first?
I anticipate my tax bracket will be lower in retirement. Should I be thinking about Roth conversions?
Statistics: Posted by oakbluffs — Sat Feb 10, 2024 9:38 pm — Replies 2 — Views 246