I see a similar discussion in phpbb forum.I wish there was a way to remind the OP about posting the information about their income/marginal tax rate. Perhaps an automatic parsing of the question/title right before the question is posted? e.g. if the title contains the word Roth then providing tax rate is super-helpful for folks to answer the question.
https://www.phpbb.com/community/viewtop ... 9&start=15
Why thinking about above? Because of this thread viewtopic.php?f=1&t=354305&p=6143203#p6143203
babystep wrote: ↑Tue Jul 27, 2021 10:01 pmSorry, I didn't mean it is your OP. When anyone is posting they don't know what additional info might be needed. I mean the tool/submit form can be better to help us all. I should have posted in the forum issues section.Bonehead3 wrote: ↑Mon Jul 26, 2021 10:13 ambabystep wrote: ↑Sun Jul 25, 2021 11:46 pm Sorry, this is just me thinking out loud. Perhaps it is possible and perhaps it is too difficult to do.
We often have critical information missing in the OP. Lack of critical information causes assumptions to be made which turn out to be wrong and not helpful to OP and members likewise.
This thread is one good reminder.
How would 02nz know the tax rate if OP didn't provide income or tax rate?Bonehead3 wrote: ↑Sat Jul 24, 2021 5:51 pm Thanks for the quick replies. Last year my taxable income was 126k and was retired all year. About half of that was unearned income from investments (which is variable). So would a good strategy be to max out the 24% bracket (up to about 172k)? The next higher is 32%....eeek!!
02nz, what do you mean 12% bracket? I think I'm over that in income without conversion. Thanks for the reminder on SS. I was planning on taking it at the FRA of 66. Guess that may be pushed now.
Another example.
delamer wrote: ↑Sun Jul 25, 2021 1:03 pmDid you read the OP’s later post? Income was $126K last year, including pension.aristotelian wrote: ↑Sun Jul 25, 2021 11:01 am Do you expect a pension? Will you delay SS to 70? (That would be my approach). I agree, converting up to the top of the 12% bracket is a good starting point.
Converting your entire IRA to short bonds is a massive change in your allocation. Is that due to your risk tolerance changing as a new retiree, or is it because you are trying to limit taxes on your 401k? If that latter, this seems like overkill.
I wish there was a way to remind the OP about posting the information about their income/marginal tax rate. Perhaps an automatic parsing of the question/title right before the question is posted? e.g. if the title contains the word Roth then providing tax rate is super-helpful for folks to answer the question.
I apologize for not posting that info. I tried to include everything others would need to evaluate my situation but didn't want to include a bunch of gobble-de-gook either.