Strategies to reduce my tax consequences in retirement
Terry, love the show (WGN). I am 70, married and have all my retirement monies in pre-tax IRA (did not t qualify for Roth IRA anytime in my career. Own my house, our income (SS and RMD/Pension) is not going to drop us into a lower tax bracket for the next ten/fifteen years hopefully. SO…I suspect there is not much I can do sitting on a pile of pretax monies that will out live us even in a down market. Got rid of my stocks and own no other real estate. Any thoughts?
Terry Says
Just keep your fingers crossed that the money will outlive you! It’s not the worst thing that could happen! Take the RMDs as required. And pay the taxes along the way. New actuarial ages will likely mean lower RMDs in the future.
Have you considered Long Term Care insurance — a plan that combines life and LTC? Search my columns for “long term care insurance” to read more.
