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Great info. Lots to think about now that all this applies to me. Thanks.
What are your thoughts on a video highlighting a retirement with all ROTH dollars? As a younger person, I’ve only had ROTH contributions and I convert my employer match annually. Would love to know the benefits of retiring with a VERY low income, on paper. Thanks again for the great content!
This is huge for the ACA health care because the ROTH income doesn’t count toward that MAGA and then you meant lower federal poverty level (FPL) and get very discounted healthcare. Put together a spreadsheet or something and keep track of all your ROTH contributions that you have made each year. Those contributions you can take out any moment and there are no tax consequences. This is fantastic when retiring before 59.5.
retiring at the end of the month for rule of 55. i am 54. did a reverse rollover from old ira to current 401k which is max contribution this month as well. the 401k plan only does a lump sum payout, so will do that in Jan 2024. already did a roth ladder past several yrs. retired military and have tricare. will be “poor on paper” as Josh puts it. lowest IRMMA bracket at 65 and no RMD’s 🤘
This example is similar to me. I was laid off @ 55.5, 4 yrs ago and had everything in the company 401K (traditional) and very small pension amount rolled over to a traditional IRA. Initially I thought I was going to work again, but it never happened. In April I turned 59.5 (after scraping by the last 4 yrs off of savings) and started withdrawals from the IRA. During my career, Roth 401K wasn’t an option. Every time I dig into the Roth conversion of some of the traditional –> Roth, it doesn’t seem to make much sense or difference in my tax look ahead. I get it, at age 75 the RMDs and all, but it doesn’t really make much difference. Heck, I doubt I’ll live til 75 anyway! LOL.
I pulled money each year from 401K into my brokerage. I also contributed the max to my HSA from my bank account each year until on Medicare which reduced my Obamacare income for subsidy. I never used the one time HSA thing and the IRS and Tax SW never blinked. The money never went direct from 401K to HSA.
It’s a shame that you need to live “poor” in retirement in order to get “affordable health care” before Medicare. If you make a decent retirement income, ACA will make you “poor” anyway
It is a shame. Top (400%) federal poverty level (FPL) income is $69K.
Have Roger get an easy hourly, low paying job, that has qualified health insurance. From 56 forward, have him do Roth conversions until his pre-tax accounts are exhausted. Keep the conversations under the IRMAA limits when he is 62 and forward. Have him take Social Security at 70 to max out his benefits.
Rule of 72t/SEPP can certainly work but you have to have a lot of net work for it to pay well. Fidelity handles them very well in my experience.. Google: 72t calculator
@scott hit me up☝