Looking for tax efficiency tips (incl. charitable giving tips) and retirement drawdown strategies for a Virginia FIRE couple (65 + 66 y.o.)
They have TSPs, Roth IRAs, IRAs, regular investment accounts, savings and checking accounts, and 3 owned homes.
Pension AGI ~$180K. Want to get that down to below $170K to avoid Medicare Part B premiums, right? If yes, how?
They need to rollover their TSPs and streamline their investments. Should they have several brokers to ensure SIPC coverage? ~1.35M total investments. They both have Schwab accounts now.
Considering their high retirement income, owned homes, health insurance, and long-term care, what should their portfolio breakdown be? (My thought is growth; they can afford to weather the storms and it will just make more money for charity or heirs. 80/20? The Schwab intelligent profile would be easy to set it and forget it.)
Any reason to do a rothIRA conversion? They will make more money when they start taking ss and other drawdowns and they will likely sell a home soon (too much to manage). Is there a reason to do a conversion to something to maximize assets to donate to charity and / or preserve for heirs?
How should property be titled for best coverage? I know tenants by entirety protects assets from lawsuits if only 1 person is sued but having separate titles for financial accounts ensures more FDIC and SIPC coverage.
Their insurance situation looks good; health, auto, property, long-term care. They have no umbrella liability. Do they need coverage up to their net worth?
Feel free to post links to other articles, discussions, podcasts, etc. where these things were noted. Thanks in advance!