When we retire, my wife and I will have pensions that will equal about 80% of what we earn now. I think our pension will cover about 90-95% of our monthly expenses (living at a pretty comfortable level).
We also have 2 457 accounts and 1 403b account. Our plan is to sporadically use this money to cover any splurges (big trips, etc) and any shortfalls until we claim Social Security at age 70 (assuming it is still available). We plan to retire in seven years at age 62, so we will have 8 years in which we may (but not necessarily) need to tap into our 457 and 403b accounts. Assuming Social Security is still available, we will have over a 100% of what we are making now on a monthly basis....
My Questions:
What would you do with the money in our 457/403b accounts upon/prior to retirement to help minimize taxes?
Is there some way to get this money into a Roth?
If I can get it into a Roth, should I?
If I don't need to take RMD at 70 1/2, wouldn't it be better to let ride in a roth?
If a Roth isn't available, is there a better tax advantaged way of handling these accounts>?
THANKS FOR THE SUGGESTIONS!