+1We're in a similar situation. DW and I are retired with $1.7m in tIRAs, almost entirely in bond funds, and a larger taxable account almost entirely in stock funds. I'm just over 2 years from SS at 70.
We've chosen to target Roth conversions to just under $250k AGI, which is where the 3.8% Net Investment Tax Credit would kick in. This puts us somewhat into the 24% tax bracket and into the first IRMAA tier. We anticipate relatively generous SS checks and significant dividend income from our taxable stock account, so we'd be at risk of drifting into higher tax brackets over time when RMDs apply without significant Roth conversions. We are able to pay the necessary taxes from our taxable accounts. We also anticipate making use of QCDs when eligible, even before RMDs kick in.
Cyclist
DW (66) & I (67) are both retired with $1.7m in tIRA with no pension or SS yet. Our plan is to convert each year to just under the IRMAA first tier limit of $210k AGI.
Statistics: Posted by Retired2013 — Fri Jun 21, 2024 5:23 am — Replies 48 — Views 3841
