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For example, say that you are 62 with a $1 million 401(k). Disregarding contributions and withdrawals, at an 8% rate of growth, this portfolio could be worth $2.33 million by age 73.
Yes, you could potentially retire early at 62 with $1 million in a Roth IRA and $2,250 in monthly Social Security benefits. But you may need to restrict your spending and live a more limited ...
The post We’re 62 and Have $1.6 Million in Our 401(k)s. Should We Pivot to Roth Contributions? appeared first on SmartReads by SmartAsset. With $1.6 Million Saved at 62, Should We Rethink Our ...
Fidelity estimates that an average retired couple may need about $315,000 for healthcare expenses during retirement. Taxes: ... whether you can retire on less than $1 million will largely depend ...
A 62-year-old with a $1.5 million IRA could convert $150,000 per year for 10 years, paying ordinary income taxes on the money they convert. In this scenario, current tax rates would apply to the ...
The post I’m 62 With $1.6 Million in My 401(k). Should I Convert $160,000 Per Year to a Roth IRA to Avoid RMDs? appeared first on SmartReads by SmartAsset. This is a legitimate form of tax planning.