Over the years I have relied on Bogleheads for financial advice either by direct posting or reading others financial stories. So once again I ask for your guidance. I retired nine years ago and have tried to manage our money responsibly. We would like to increase our charitable giving, here is a picture of our finances.
Ages: DW 77, me 73
Retired: DW 2006 Me 2015
Combined IRA's when I retired: 1.1M
Combined IRA's invested with Vanguard (four fund portfolio) 1.37M ($220,00 in Roth's)
Debt: None
Annual SS Income: $50,000 after taxes
Federal tax bracket:12%
State: 5.6%
RMD this year approximately: DW $12,000 Mine $34,000
Expenses: Living (health insurance, food, utilities, taxes etc.) $50,000
Extras: (travel, hobbies, dining, gifts, donations etc.) $35,000
Our home is in good repair, recent updates, new kitchen, bathroom, interior painted. We have two cars a 2017 Subaru Forrester with 65,000 miles and a 2014 Toyota Tacoma with 32,000 miles. We have no interest in purchasing a new car anytime soon. No new large expenses looming. We are in excellent health with no major issues currently but do not have LTC insurance and will have family support if needed.
As you can see from above SS payments meet our day to day expenses and our RMD's pays for "extras". I have tried to stay within the 4% withdrawal rate rule and most years have been able to do so with one or two exceptions.
So moving forward we would like to increase our charitable giving and maybe take an extra trip now and again. Considering our ages can we withdraw more from our IRA's, if so how much?
Ages: DW 77, me 73
Retired: DW 2006 Me 2015
Combined IRA's when I retired: 1.1M
Combined IRA's invested with Vanguard (four fund portfolio) 1.37M ($220,00 in Roth's)
Debt: None
Annual SS Income: $50,000 after taxes
Federal tax bracket:12%
State: 5.6%
RMD this year approximately: DW $12,000 Mine $34,000
Expenses: Living (health insurance, food, utilities, taxes etc.) $50,000
Extras: (travel, hobbies, dining, gifts, donations etc.) $35,000
Our home is in good repair, recent updates, new kitchen, bathroom, interior painted. We have two cars a 2017 Subaru Forrester with 65,000 miles and a 2014 Toyota Tacoma with 32,000 miles. We have no interest in purchasing a new car anytime soon. No new large expenses looming. We are in excellent health with no major issues currently but do not have LTC insurance and will have family support if needed.
As you can see from above SS payments meet our day to day expenses and our RMD's pays for "extras". I have tried to stay within the 4% withdrawal rate rule and most years have been able to do so with one or two exceptions.
So moving forward we would like to increase our charitable giving and maybe take an extra trip now and again. Considering our ages can we withdraw more from our IRA's, if so how much?
Statistics: Posted by Bigfish — Fri Oct 11, 2024 8:42 pm — Replies 2 — Views 252