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Retirement Spitball: Roth Conversions Now or in Retirement? I YMYW Podcast

Question: (Dan, Los Angeles) I wanted to ask your opinion on my below financial/retirement/tax plan. 1) I'm single 55, 2) Salary: $200K (Fed tax bracket: beginning of 35%, State: 10%) 3) While working my expenses average $32K annually the last 5 yrs. If I stop working, my retiree healthcare would cost me $1,000 a month. 4) 401K pre-tax at current employer (rule of 55 applies): $1.25million (800K invested in index funds, $450K in stable value fund) 5) brokerage: $1.15 million (all individual stocks paying $45K a year in dividends) 6) cash/online savings: $310K 7) ROTH IRA: $143K 8) Traditional pre-tax IRA: $57K 9) pension: $9K at 55, $19K at 65, $25K at 70 (No COLA). I want to wait until 70 to take. 10) social security: annually: $36K at 67, $40K at 70. I want to wait until 70 to take. 11) currently renting: rent stabilized apt. (do not own property) 12) maintaining an umbrella insurance policy of $3million to protect my savings INCOME PLAN: I'll need at least $32K plus $13K retiree healthcare plus a $20K cushion just in case. $65K annually before 70: $45K dividends in brokerage (gradually sell off stocks and reinvest in ROTH IRA (S&P 500, total market and dividend ETFs) to build tax free dividends), $20K from 401K or sell off some ETF shares in brokerage. at 70: add in pension and social security. Do you think this is a good income plan? what do you think is max income I could spend Listen to the entire Your Money, Your Wealth® podcast: https://bit.ly/ymyw-375 Download the Complete Roth Papers Package: https://purefinancial.com/white-paper... Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with any one of our experienced financial professionals: https://purefinancial.com/lp/free-ass... Office locations: https://bit.ly/PureLocations Ask Joe & Big Al On Air: https://purefinancial.com/ymyw/ask-jo... Subscribe to our YouTube channel: http://bit.ly/YMYW-YouTube Subscribe to the Your Money, Your Wealth® podcast: https://lnk.to/ymyw IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER® certification is by the CFP Board of Standards, Inc. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. 30 hours of continuing education is required every 2 years to maintain the certification. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period. #RetirementPlanning #RothConversion