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in fact have nothing as a tax shelter per se. I know this board is basically for 401K's info but wasn't sure where to post this as its hardly mentioned elsewhere for my situation. Need some advice please if possible.

65 Years of age. Recently retired with no further income coming in apart from a condo rental, stockbroker accounts including dividends from a few Companies and bank accounts with reasonable amounts saved over the years and just signed on 2 months ago for SS for my wife and I.

I find it difficult to understand whether I'm in a fortunate position or not as there are so many rules with tax implications


Fortunate aspects:
1. You appear to have some assets saved (condo rental, stockbroker accounts)
2. No IRA/401k, so no Required Minimum Distributions at age 70.5.
3. You are at or near your Full Retirement Age, so you're close to getting your "full" amount of social security (although it gets higher if you wait after FRA up to age 70)
4. You own stocks outside of an IRA/401k...so if you sell at a higher price than you paid, you'll pay favorable capital gains tax rates vs. regular income tax rates which you'd do if the gains were in an IRA/401k.
5. Dividends from stocks usually get a favorable tax rate as well (vs. building up in a 401k/IRA and then coming out at the regular rate).

Possible unfortunate aspects:
1. You have fewer levers to pull to adjust your taxable income by choosing where money will come from,
2. You may not have saved "enough." "Enough" is defined by cash flow needs, so if your dividend income + condo rental income covers your needs, you're doing OK. If you need to supplement that by selling some stocks but the value of the stock portfolio goes up each year, that's still pretty damn good.
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