My wife and I are planning on retiring a little over a year from now. Can anyone recommend a tax professional, book or BH post with a withdrawal strategy? We follow the 3 fund index portfolio but I'm not sure what funds to keep in which accounts and which one to withdrawal from first. I want to keep my taxable income as low as possible to keep our ACA premiums low. Reason I ask is because we will be retiring before the age of 59 1/2 and have multiple accounts with fidelity that have different rules. For example my wife has 6 accounts with Fidelity:
Taxable
Traditional IRA
Roth IRA
Inherited IRA
HSA
Roth 401k
Your thoughts are appreciated.
Thanks,
Mike
How to withdrawal down tax efficiently?
Re: How to withdrawal down tax efficiently?
In order for you to get good feedback on your question, you are going to need to provide your whole financial picture. There is a template on here somewhere here to follow.
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Re: How to withdrawal down tax efficiently?
Mike:
Many people have remarked how much vision (in the sense of "big picture") they gained simply by going through the process of completing this form.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Re: How to withdrawal down tax efficiently?
OP, some previous BH threads discuss your topic in general terms:
- Constructing Tax Efficient Withdrawal Strategies for Retirees
- Tax Efficient Withdrawal Strategies - Call for Papers. This one references a Kitces blog post; he also has a more recent powerpoint.
And one article from Morningstar: Get a Tax-Smart Plan for In-Retirement Withdrawals.
- Constructing Tax Efficient Withdrawal Strategies for Retirees
- Tax Efficient Withdrawal Strategies - Call for Papers. This one references a Kitces blog post; he also has a more recent powerpoint.
And one article from Morningstar: Get a Tax-Smart Plan for In-Retirement Withdrawals.
Re: How to withdrawal down tax efficiently?
OP,
1) And, you need to include your annual expense.
2) You need to understand what is counted and not counted as MAGI for ACA subsidy calculation.
3) Keeping 2 to 3 years of expense as cash would separate your annual withdrawal from your actual expense needs.
4) In summary, you need to start accumulating cash now.
KlangFool
1) And, you need to include your annual expense.
2) You need to understand what is counted and not counted as MAGI for ACA subsidy calculation.
3) Keeping 2 to 3 years of expense as cash would separate your annual withdrawal from your actual expense needs.
4) In summary, you need to start accumulating cash now.
KlangFool
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