sheilaI fyou remove $25,000/yr from your IRA, I think you might be able to put at lest some of any excess over the RMD into a Roth IRA while taxes are low. I'm no expert in this so you will have to seek advice from others.What do I mean by while taxes are low? If we are serious about balancing the Federal budget, at some point taxes will have to be raised on everyone in addition to drastic cuts in Federal expenditures. How drastic? The total discretionary bidget of the US government is about $1.4 trillion, and the expected deficit this year is about $1.3 trillion so you could close down the entire Federal government as we know it - DoD, Agriculture, NASA, Treasury, Education etc. and techically balance the budget. Even then, however, you would not balance the budget because you will have put a couple million Federal employees out of work and cancelled a Trillion Dollars or Two of Federal contracts which would close down many business dependent on government contracts, throwing maybe a couple more million workers out of work.Even with drastic cuts in the government and increased taxes, it is my opinion that we will not be able to balance the Federal budget without a roaring economy because Federal revenues are the lowest they have been in 60 years. A roaring economy is not in the foreseeable future s far as I know.brucedoe
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra