[Boomer]

Good afternoon, boys,

If I may reiterate…….of course this will not work for everybody.

But there are circumstances under which it can be a real bonus. (I just wrote an anecdotal, paragraphed example that included commenting on what can happily happen to the div inc tax rate in lower income years — like maybe a mid-year retirement, but then I decided to just let it go and step away from this screen. My real life awaits.)

Here’s the Cliff’s Notes version of what I wrote and then decided not to send………

I did it.

I know exactly why I did it.

I am glad I did it.

I am sorry I did not do a few more conversions in my early retirement years.

I don’t do it anymore.

I think younger people need to be aware of the possibility though.

One size does not fit all.

But it could fit a few TOTVers who might want to at least learn more.

Class dismissed.

Boomer

[CoachKandSportsguy]

There is no free lunch, just choices and good luck and bad luck with life and world events beyond our control. There is no one right answer for everyone, as each person's situation is usually unique with respect to all the potential variations of wealth and family situations.

The Roth IRA is a choice, and if it works for you given your unique circumstances, GREAT! For others, it might not make sense. That's what a great financial planner can help you make a choice, and understand your unique situation and potential outcomes. The issue is always that the future is uncertain, and for two couples in the exact same situation can make the same choices, and the outcomes can be completely different due to events beyond one's control. The different can be a state / federal pension plus benefits, or having social security and a 401K

Just remember, in the long run, we are all dead. . and in the short run, some of us will be dead. . .

I don't think anyone here disparaged anyone else's choices, and one person's successful choices might not be the best for someone else. The difference could be as simple as the difference between tax minimization strategy and a wealth maximization strategy.

good luck

[Smalley]

The qualified charitable deduction goes straight from your IRA to the charity. There is no relevance of itemizing or not. It's a tax-free transfer so really the best way to donate once you are taking your RMD.

[davem4616]

with the current projections of COLA increases for social security in 2023...I'm looking at an annual increase of 6K

that's not too shabby...I don't need my RMD, so I'll just sock that away

Hopefully I'll weather this economic storm and come out on the other end okay...

[elevatorman]

I'm taking my RMD in December and treating myself to a half a tank of gas.

[Fltpkr]

Post this over in the Bogleheads forum for additional input.

[justjim]

Thanks for all the excellent comments and suggestions regard RMD’S. I have been withdrawing RMD’S for several years and this Thread has been interesting/informative and from the information posted here it appears that my CPA and mentor/advisor has done his due diligence in advising me on best practices regarding my IRA required minimum distributions. That said, my advise to others who are in the “same boat” as me when it comes to taxes and RMD’S - get some help and advise regarding distribution of your RMD before you reach the required age for distribution and your tax advisor will save you more $$$$ than his/her advise will cost. Fore!