The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: graystubble on December 17, 2017, 01:54:44 PM
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Hello, I've been reading MMM for awhile but only recently managed to pay off all debt minus my mortgage. I have a 401K and a separate IRA from a pension rollover but all my savings to date has gone to retirement accounts and a Dave Ramsey emergency fund. I have 1 kid in college and 1 in high school and I'm 45 years old. I'm struggling with 2 things.
1. I can't retire early of all my money is tied to IRAs. How much should I be putting into an individual investment account that can start paying me before I'm 59.5?
2. My IRA from the pension rollover is a standard IRA. Should I convert it to a Roth? I'll definitely be in a lower tax bracket after I retire.
What tools would you suggest to determine if I already have as much as I need in IRAs? Would it be better to just fill out a request for a case study? I
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https://forum.mrmoneymustache.com/investor-alley/how-to-withdraw-funds-from-your-ira-and-401k-without-penalty-before-age-59-5/
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https://forum.mrmoneymustache.com/investor-alley/investment-order/
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Hello, I've been reading MMM for awhile but only recently managed to pay off all debt minus my mortgage. I have a 401K and a separate IRA from a pension rollover but all my savings to date has gone to retirement accounts and a Dave Ramsey emergency fund. I have 1 kid in college and 1 in high school and I'm 45 years old. I'm struggling with 2 things.
1. I can't retire early of all my money is tied to IRAs. How much should I be putting into an individual investment account that can start paying me before I'm 59.5?
2. My IRA from the pension rollover is a standard IRA. Should I convert it to a Roth? I'll definitely be in a lower tax bracket after I retire.
What tools would you suggest to determine if I already have as much as I need in IRAs? Would it be better to just fill out a request for a case study? I
graystubble, welcome to the forum.
Organizing your overall information along the lines of How To: Write a "Case Study" Topic (https://forum.mrmoneymustache.com/case-studies/how-to-write-a-'case-study'-topic/), including use of the spreadsheet mentioned there, with your investments organized similar to Asking Portfolio Questions - Bogleheads.org (https://www.bogleheads.org/forum/viewtopic.php?f=1&t=6212), is worthwhile. It's worthwhile whether you decide to post or merely use it for your own consideration.
Regarding question #2: waiting until you retire and are in that lower tax bracket before converting to Roth is likely favorable.
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I just realized I never posted a thank you to the folks who replied to me. I apologize for the oversight. We took the investment order and put it into action. We moved down the list far faster than I expected. I haven't been able to fully find my 401k yet but we're making progress. Thank you so much for the responses and I apologize for tardiness of my response.
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I just realized I never posted a thank you to the folks who replied to me. I apologize for the oversight. We took the investment order and put it into action. We moved down the list far faster than I expected. I haven't been able to fully find my 401k yet but we're making progress. Thank you so much for the responses and I apologize for tardiness of my response.
Congratulations on progress so far and best wishes for more to come!
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I just wanted to chime in and thank MDM, Arebelspy, boggleheads, and anyone I left out for putting together the Investment Order post. It's simple and to the point and it just makes a ton of sense to me. I share it with people all the time.