Hello Everyone,
I am 4 months from turning 69, I retired when I was 63. I have made a lot of mistakes; fortunately, I did start an IRA for my wife and me about 20 years before I retired and paid off my home. Aside from that, I have no clue what I am doing.
I have been living on social security for the last 6 years. Thankfully, without a mortgage, we are doing okay on $2k a month.
I have yet to withdraw any money from our retirement accounts. I am starting to sweat the upcoming RMDs and not sure what I should do. I must be in the lowest tax bracket at around $25,000 a year income. Should I be pulling some money out while I'm at this low tax bracket? I always feared running out of money before running out of time, but I think I am probably doing this all wrong.
I have a few investments in Vanguard. Several years ago, the portfolio lost close to $200,000. As of late, it has made that back plus a little more. There are a lot of things I would like to do around the house: kitchen, bathroom, and yard renovations. But, living in my fears, I have yet to start those projects. Should I be withdrawing some money each year? Maybe the 4% a year I originally thought could supplement social security to help with projects and helping with day-to-day life.
Here is my current portfolio breakdown. When I started the IRA's in the early 2000's I believed I needed the tax breaks, so I started the traditional IRAs. In hindsight, I wish I would have figured out how to do the Roth's.
My Traditional IRA - Vanguard VBTLX (68 years old)
$296,000
My 401k - Vanguard VTSAX
$185,000
Wife's Traditional IRA - Vanguard VTSAX (59 years old)
$283,000
Joint Vanguard Fund VIMAX
$81,000
Emergency Fund - Vanguard Cash Plus Account
$50,000
When I retired, the emergency fund was around $30,000; my fear of money not lasting had me putting more in instead of getting projects done.
Thanks for any advice or guidance you can provide.
I am 4 months from turning 69, I retired when I was 63. I have made a lot of mistakes; fortunately, I did start an IRA for my wife and me about 20 years before I retired and paid off my home. Aside from that, I have no clue what I am doing.
I have been living on social security for the last 6 years. Thankfully, without a mortgage, we are doing okay on $2k a month.
I have yet to withdraw any money from our retirement accounts. I am starting to sweat the upcoming RMDs and not sure what I should do. I must be in the lowest tax bracket at around $25,000 a year income. Should I be pulling some money out while I'm at this low tax bracket? I always feared running out of money before running out of time, but I think I am probably doing this all wrong.
I have a few investments in Vanguard. Several years ago, the portfolio lost close to $200,000. As of late, it has made that back plus a little more. There are a lot of things I would like to do around the house: kitchen, bathroom, and yard renovations. But, living in my fears, I have yet to start those projects. Should I be withdrawing some money each year? Maybe the 4% a year I originally thought could supplement social security to help with projects and helping with day-to-day life.
Here is my current portfolio breakdown. When I started the IRA's in the early 2000's I believed I needed the tax breaks, so I started the traditional IRAs. In hindsight, I wish I would have figured out how to do the Roth's.
My Traditional IRA - Vanguard VBTLX (68 years old)
$296,000
My 401k - Vanguard VTSAX
$185,000
Wife's Traditional IRA - Vanguard VTSAX (59 years old)
$283,000
Joint Vanguard Fund VIMAX
$81,000
Emergency Fund - Vanguard Cash Plus Account
$50,000
When I retired, the emergency fund was around $30,000; my fear of money not lasting had me putting more in instead of getting projects done.
Thanks for any advice or guidance you can provide.
Statistics: Posted by retired_dmn — Mon Sep 09, 2024 11:24 am — Replies 1 — Views 74