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Topic: Retirement / What am I working for?

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MrNubbz

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Re: Retirement / What am I working for?
« Reply #196 on: May 08, 2024, 09:24:56 PM »
Quote from: 847badgerfan on May 08, 2024, 04:40:47 PM
And you trust the government to accomplish this? With all due respect, and I mean that whole-heartedly, dream on.
Ed Zachery,great insight by Bwarb but this government has turned into the fuedal lords and their fiefdom's that this country fought/opposed/detested
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MrNubbz

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Re: Retirement / What am I working for?
« Reply #197 on: May 08, 2024, 09:28:59 PM »
Quote from: Cincydawg on May 08, 2024, 05:11:44 PM
The SSTF invests in special Treasury bills, by law.  As noted, there is no safer investment in the world, and they get interest on it.  It would be silly to hold it in cash somewhere, somehow.
well can I invest in them and if so how bad will they hammer me at maturity and take their cut,err - I mean tax
« Last Edit: May 08, 2024, 09:37:15 PM by MrNubbz »
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #198 on: May 08, 2024, 10:21:13 PM »
Individuals cannot buy them. 
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #199 on: May 09, 2024, 10:01:00 AM »
This is the best time for a Roth conversion, experts say (cnbc.com)

They say after retirement and before RMDs kick in.  You can't RMD money into a Roth, it won't count.
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #200 on: May 09, 2024, 10:10:03 AM »
Very much considering that now. We'll take a huge tax hit, but we think taxes are as low as they will ever be again right now. Meeting with my advisor next week.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #201 on: May 09, 2024, 10:18:33 AM »
Let me know what he advises.  I'm in a similar situation.  I hesitate to do much converting because of the steep penalty I'd pay in higher taxes.
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FearlessF

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Re: Retirement / What am I working for?
« Reply #202 on: May 09, 2024, 10:26:23 AM »
I should probably convert just enough to keep me from bumpin the next tax bracket

that wouldn't be a lot, but otherwise I wait until I retire

hopefully, that's in a few years
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #203 on: May 09, 2024, 10:27:24 AM »
Quote from: FearlessF on May 09, 2024, 10:26:23 AM
I should probably convert just enough to keep me from bumpin the next tax bracket

that wouldn't be a lot, but otherwise I wait until I retire

hopefully, that's in a few years
That's probably what we will do too.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #204 on: May 09, 2024, 10:27:33 AM »
Edging into the next tax bracket isn't a disaster of course, though it could push you into higher Medicare payments.  The tax bracket thing is widely misunderstood.
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #205 on: May 09, 2024, 10:28:08 AM »
I understand it well.
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #206 on: May 09, 2024, 10:30:05 AM »
2024 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households

CSV EXCEL PDF PRINT
[th]Tax Rate[/th]
[th]For Single Filers[/th]
[th]For Married Individuals Filing Joint Returns[/th]
[th]For Heads of Households[/th]
10%$0 to $11,600$0 to $23,200$0 to $16,550
12%$11,600 to $47,150$23,200 to $94,300$16,550 to $63,100
22%$47,150 to $100,525$94,300 to $201,050$63,100 to $100,500
24%$100,525 to $191,950$201,050 to $383,900$100,500 to $191,950
32%$191,950 to $243,725$383,900 to $487,450$191,950 to $243,700
35%$243,725 to $609,350$487,450 to $731,200$243,700 to $609,350
37%$609,350 or more$731,200 or more$609,350 or more



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FearlessF

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Re: Retirement / What am I working for?
« Reply #207 on: May 09, 2024, 10:47:33 AM »
going from 24% to 32% would suck

I think
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Cincydawg

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Re: Retirement / What am I working for?
« Reply #208 on: May 09, 2024, 10:50:00 AM »
Quote from: FearlessF on May 09, 2024, 10:47:33 AM
going from 24% to 32% would suck

I think
If you just barely edged into it, it would hardly matter.
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847badgerfan

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Re: Retirement / What am I working for?
« Reply #209 on: May 09, 2024, 10:51:23 AM »
Quote from: FearlessF on May 09, 2024, 10:47:33 AM
going from 24% to 32% would suck

I think
Depends on how far and deep you dip in.

We would have to get well into the 37% bracket to convert everything and that is NOT happening on my watch.

We will go right up to the top of the 24% barrier and will keep doing so until we are done.
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