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Originally Posted by CoachKandSportsguy
Looks basically good, and any error in too much IRA conversion wouldn't be tax catastrophic. .
Not totally clear, you are saying that you have zero income for 2025? no 1099, no interest and dividend income, no capital gains income and you can live in the villages paying 50K a year in living and food expenses?
What source of funds are you using to pay expenses that is not taxable? and you must have some funds earning taxable income?
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I have liquidity to pay my bills even without consulting. My consulting income is via my corporation where I contributed to keep it afloat for a couple of decades while working full-time. So, I can now earn against those contributions, taking them as distributions. The money was already taxed, so it's a tax-neutral transaction. I'm continuing to consult (10-15 hours a week), so I don't need to have any sort of earnings, otherwise. My dividends are reinvesting so the monthly income continues to rise when I finally pull that trigger. My wife is eligible for social security, but we're waiting to let the monthly amount grow since her mother lived to 90. My dad is 89 and still kickin' (poor mom), so I'm also going to hold off on starting social security for a couple of extra years -- though I don't really have to.
I hope that explains things. Or I'm going to jail. LOL!!