Got a question about investing, how it fits into your overall financial plan and what strategies can help you make the most out of your money? You can write to me at [email protected]. Please put Fix My Portfolio in the subject line. Dear Fix My Portfolio:
I am a 74-year-old retired widower. After spending 23 years in Canada in public education, a second marriage brought me to the U.S. where I became a naturalized citizen. I continued to work in public education for another 20 years where I contributed maximum amounts to 403(b) and 457 plans. My pensions from both locations provide sufficient funds to cover all of my expenses, including vacations and travel. I have over $500,000 invested in after-tax mutual funds should I need ‘rainy-day’ funds. Now to my questions: I have about $1 million invested in those tax-deferred retirement vehicles. Is there any reason I should keep these? Is it wrong-thinking to consider just ripping off the bandage? By that I mean liquidating the tax-deferred funds and having one really bad tax year. Then I could leave the proceeds to my children free and clear without them having to worry about paying the taxes on an inherited IRA. Thank you! Mr. T Dear Mr. T, Since you are over the age of 59 ½, the money you have saved in your tax-deferred accounts is for you to use whatever way you see fi …
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I am a 74-year-old retired widower. After spending 23 years in Canada in public education, a second marriage brought me to the U.S. where I became a naturalized citizen. I continued to work in public education for another 20 years where I contributed maximum amounts to 403(b) and 457 plans. My pensions from both locations provide sufficient funds to cover all of my expenses, including vacations and travel. I have over $500,000 invested in after-tax mutual funds should I need ‘rainy-day’ funds. Now to my questions: I have about $1 million invested in those tax-deferred retirement vehicles. Is there any reason I should keep these? Is it wrong-thinking to consider just ripping off the bandage? By that I mean liquidating the tax-deferred funds and having one really bad tax year. Then I could leave the proceeds to my children free and clear without them having to worry about paying the taxes on an inherited IRA. Thank you! Mr. T Dear Mr. T, Since you are over the age of 59 ½, the money you have saved in your tax-deferred accounts is for you to use whatever way you see fi …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]