When to stop making IRA Contributions
Good morning! I still have many of your columns I have cut out over the years and I am now reviewing those that pertain to IRA withdrawals. I am 63 and my husband is turning 65. We recently sold our business (capital gains, not asset sale) and we are trying to decide if we should fund our IRAs (Roth if it turns out we qualify this year). If we do make contributions for both 2025 and 2026, we would have proceeds to live off of for the next seven or eight months. I definitely plan to work although he may not. Neither of us really to start regular withdrawals but there is always that possibility that he may need to. We are trying to decide if either should fund the IRAs if we (or just he) needs to make withdrawals eight or nine months from now.
Thanks!
Terry Says
Congratulations on selling your business. But don’t stop working. And don’t stop contributing to your Roth IRA! Averages say you will live at least another 15 years. And you’ll need more savings.
I can’t give you specifics without knowing a lot more about your situation. But this is the perfect time to consult a fee-only FIDUCIARY financial advisor who is not trying to sell you anything!
Read this and get matched with one you can trust.
