The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: 401k withdrawal taxes at retiremtent||Date: 7/9/2013 12:18 PM|
|Author: huntandfish||Number: 118819 of 119671|
I am looking at retiring in a few years and my plan is to work until I am 65/66 but wait until I am 70 before applying for Social Security (to get the maximum amount). My wife will be retired and will draw a pension (no SS yet) of $24000/yr. I was thinking of withdrawing the maximum amount from my 401k (up to $46700+/-) every year, use what we need to live on and invest the rest, so that I will only pay in the 15% tax bracket and not the $25% tax bracket on an income over $70700. At age 70, both of us will be eligible for SS and with pension we will get $72000/yr to live on, which should be no problem for us.
Does this make sense or am I looking at it all wrong?
It seems like making the money was easy (Thanks Motley Fool!) but coming up with a retirement plan that makes sense a little more difficult
Any input will be appreciated
Long Motley Fool
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