Jill on Money with Jill Schlesinger Feeling Ready to Retire, Am I?
Dec 19, 2024
Is retiring in 2025 or 2026 a possibility? Discover tax-friendly relocation options to ease burdens and get ready for retirement. Explore financial strategies for early retirement, focusing on optimizing your 401k and IRA. Dive into the nitty-gritty of retirement planning, including pensions and Social Security strategies. Learn the importance of healthcare directives and wills, especially for unmarried partners, to navigate potential challenges in retirement. Get tips on organizing finances for a smooth transition.
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Retirement Plan
- Joe, 62, wants to retire after one more year of alimony payments.
- He plans to max out his 401k next year before retiring.
Early Withdrawals
- Joe should withdraw from retirement accounts between ages 63 and 70.
- This avoids large required distributions at 75 and reduces tax burden.
Roth Conversion
- Convert some 401k funds to a Roth to minimize future tax implications.
- Combine withdrawals for living expenses with Roth conversions to optimize tax efficiency.