Information:
* Age DH :: 66
* SS DH+DW :: $70k
* Annual withdrawal amount from DH IRA :: $60k
* DW SS and IRA are excluded from this conversation as they are being set aside for her LTC.
I opened and funded ($5.00) a Roth in 2023. I am trying to avoid IRMAA tiers, so I am proposing to do a $100k IRA to Roth conversion each January, followed by a $5k per month withdrawal from the Roth. This way, my AGI will be fairly consistent and the Roth will slowly accumulate in value.
This also provides a mechanism to handle lumpy expenses without affecting my AGI. An SPIA is in my long-term forecast and a SPIA funded by a Roth will provide for lifetime tax free income.
Please let me know if my approach is doable or can be enhanced (or scrapped).
* Age DH :: 66
* SS DH+DW :: $70k
* Annual withdrawal amount from DH IRA :: $60k
* DW SS and IRA are excluded from this conversation as they are being set aside for her LTC.
I opened and funded ($5.00) a Roth in 2023. I am trying to avoid IRMAA tiers, so I am proposing to do a $100k IRA to Roth conversion each January, followed by a $5k per month withdrawal from the Roth. This way, my AGI will be fairly consistent and the Roth will slowly accumulate in value.
This also provides a mechanism to handle lumpy expenses without affecting my AGI. An SPIA is in my long-term forecast and a SPIA funded by a Roth will provide for lifetime tax free income.
Please let me know if my approach is doable or can be enhanced (or scrapped).
Statistics: Posted by CRC_Volunteer — Tue Dec 24, 2024 11:46 am — Replies 6 — Views 136