edferg
Confused about dryer sheets
Hello everyone. I'm new here:
Single, age 71, retired age 66, no debts, own home, live in Pacific Northwest
Net Worth: 1.9M
Began Social Security at 66.
Income: Pension $900/mo + Social Security (began 2018) $3,100/mo + home business $900/mo
Social Security + home business covers my expenses. I have not had to withdraw from my portfolio.
Portfolio: Rollover IRA $880,000 Roth IRA $87,000 Cash & CDs $186,000
RMDs begin 2025
Current tax bracket 2024: 10%
Projected tax bracket in 2025 when first RMD is taken: middle of 10%
OK - I blew it on Roth conversions which I should have started at least 6 years ago. I only heard about RMDs three months ago - you can probably tell I don't have a financial advisor.
I turn 72 this September. Is there anything I can do this late regarding Roth conversion? Or is there nothing to be gained at this point?
Single, age 71, retired age 66, no debts, own home, live in Pacific Northwest
Net Worth: 1.9M
Began Social Security at 66.
Income: Pension $900/mo + Social Security (began 2018) $3,100/mo + home business $900/mo
Social Security + home business covers my expenses. I have not had to withdraw from my portfolio.
Portfolio: Rollover IRA $880,000 Roth IRA $87,000 Cash & CDs $186,000
RMDs begin 2025
Current tax bracket 2024: 10%
Projected tax bracket in 2025 when first RMD is taken: middle of 10%
OK - I blew it on Roth conversions which I should have started at least 6 years ago. I only heard about RMDs three months ago - you can probably tell I don't have a financial advisor.
I turn 72 this September. Is there anything I can do this late regarding Roth conversion? Or is there nothing to be gained at this point?