Hub is 64 & I'm 63. We're currently using some of our Roth ($1500)for our monthly income $9k to keep it low to take advantage of medical premium subsidies (yes we contribute to HSA). We have ~ 1.9m in Trad IRA that we'd like to convert so we won't get hit with huge RMD's @ 75. Need to keep income @ $200k with Medicare coming next yr for hub and IRMMA & 3.8 surtax....
Are we better off - not worrying about subsidy (which will be lower income requirement next year) and focus on Roth conversions? Also, should I consider taking my SS early (at 63.5) as a replacement for the monthly Roth withdrawals for income? Switching to my hub's FRA at 67 will reduce my benefit by ~ $300...& he'll take his SSI at 70.
We haven't touched our principal since we've retired, just hate giving uncle sam more than we need too. Best strategy? Not worried about how much our kids get - hoping to give them a piece but will likely do some qualified deductions at 70 to help reduce taxes too.
Are we better off - not worrying about subsidy (which will be lower income requirement next year) and focus on Roth conversions? Also, should I consider taking my SS early (at 63.5) as a replacement for the monthly Roth withdrawals for income? Switching to my hub's FRA at 67 will reduce my benefit by ~ $300...& he'll take his SSI at 70.
We haven't touched our principal since we've retired, just hate giving uncle sam more than we need too. Best strategy? Not worried about how much our kids get - hoping to give them a piece but will likely do some qualified deductions at 70 to help reduce taxes too.
Statistics: Posted by midwestyank — Tue Jul 16, 2024 8:46 pm — Replies 4 — Views 340