I think it depends on how efficient (or not) the 40 gallon tank is supplying your new soaking tub with water. If it works, don't break it. If it doesn't work, donate it and get the right sized tank. (by Mel's wife)
"I’d love to hear from folks who’ve done a Roth conversion..." I retired at age 60 with 50% of tax-deferred in TIRA and 50% in Roth. I've done conversions every year for last 19 years and accounts are now with 90% in Roth and 10% in TIRA. My plan is to stop doing conversions when I have about 5% in TIRA and continue doing QCD's to things I care about. The Roth accounts will be inherited by my two daughters after my wife and I both die so it is 100% equities. Each year I calculate the amount to convert by doing a dummy tax return and convert up to IRMMA limit. It has worked for me and the amount of time it takes to calculate the conversion gets easier with practice. I've helped others go through the process. Remember to take into account: You must withdraw RMD before you can do the conversion and don't pay the extra taxes from the converted amount or you've defeated the purpose but you can pay taxes from the RMD. Good luck and it's good that you are formulating a future plan. I wouldn't try to time the market in making the conversions. I just do mine in November when my tax situation starts to become clearer.
Once again so beautifully said and full of wisdom. The family knows I love studying the markets. When I tell them I don't know the direction of the market in the next week they think I'm nuts. When I tell them that since they are contributing to their retirement plans that they are making the most money when the market is headed down they KNOW I'm nuts. Thank you Jonathan.
Jonathan, Your writing is often like a beautiful painting where every brush stroke is artfully placed. The time you take to write is a gift to many of us. Thank you.
Thanks for the insightful comments on organizing your estate. They are helpful since I am 78 and closer to the end than the beginning having recently suffered a heart attack. I've always pictured "the game" to have two phases - The accumulation phase and the distribution phase - but you have brought to my attention that there is another phase and that is the most efficient manner to pass along your estate. Thanks for sharing your thought process and reasoning so I can smooth the path for my spouse and daughters after my demise..
When I was lost in the financial wilderness Jonathan was there to show the way. I still have a binder of your articles from your WSJ days that helped me sort out the chaff from the wheat. Thank you from all the people you have helped.
Dr. Dailey, thank you for the very well written article. At 78 I accept that I am much closer to the end than beginning and I face the end without fear or regrets. I have been privileged with a life of adventure and feel confident that the three generations after me are thriving and contributing to those around them. I have been surrounded by love my entire life and hope my last days are not a burden on others. The circle of life continues in spite of the mysteries of death. Thanks again for the insights in your article and I hope you write more.
Comments
I think it depends on how efficient (or not) the 40 gallon tank is supplying your new soaking tub with water. If it works, don't break it. If it doesn't work, donate it and get the right sized tank. (by Mel's wife)
Post: Replacing the Replacement
Link to comment from March 8, 2025
"I’d love to hear from folks who’ve done a Roth conversion..." I retired at age 60 with 50% of tax-deferred in TIRA and 50% in Roth. I've done conversions every year for last 19 years and accounts are now with 90% in Roth and 10% in TIRA. My plan is to stop doing conversions when I have about 5% in TIRA and continue doing QCD's to things I care about. The Roth accounts will be inherited by my two daughters after my wife and I both die so it is 100% equities. Each year I calculate the amount to convert by doing a dummy tax return and convert up to IRMMA limit. It has worked for me and the amount of time it takes to calculate the conversion gets easier with practice. I've helped others go through the process. Remember to take into account: You must withdraw RMD before you can do the conversion and don't pay the extra taxes from the converted amount or you've defeated the purpose but you can pay taxes from the RMD. Good luck and it's good that you are formulating a future plan. I wouldn't try to time the market in making the conversions. I just do mine in November when my tax situation starts to become clearer.
Post: To Roth Convert or Not
Link to comment from March 8, 2025
Great interview. I love it.
Post: Asking the Editor
Link to comment from March 8, 2025
Hey Adam, thanks for taking over the editor duties for Jonathan. I've always found your writing to be insightful.
Post: Out of Left Field
Link to comment from March 1, 2025
Jonathan, your wisdom is overwhelming. I value your insights into our behavior. Thank you.
Post: Four Thoughts
Link to comment from March 1, 2025
Once again so beautifully said and full of wisdom. The family knows I love studying the markets. When I tell them I don't know the direction of the market in the next week they think I'm nuts. When I tell them that since they are contributing to their retirement plans that they are making the most money when the market is headed down they KNOW I'm nuts. Thank you Jonathan.
Post: Sharing Lessons
Link to comment from December 14, 2024
Jonathan, Your writing is often like a beautiful painting where every brush stroke is artfully placed. The time you take to write is a gift to many of us. Thank you.
Post: No Regrets
Link to comment from September 7, 2024
Thanks for the insightful comments on organizing your estate. They are helpful since I am 78 and closer to the end than the beginning having recently suffered a heart attack. I've always pictured "the game" to have two phases - The accumulation phase and the distribution phase - but you have brought to my attention that there is another phase and that is the most efficient manner to pass along your estate. Thanks for sharing your thought process and reasoning so I can smooth the path for my spouse and daughters after my demise..
Post: A Time to Give
Link to comment from August 24, 2024
When I was lost in the financial wilderness Jonathan was there to show the way. I still have a binder of your articles from your WSJ days that helped me sort out the chaff from the wheat. Thank you from all the people you have helped.
Post: The C Word
Link to comment from June 15, 2024
Dr. Dailey, thank you for the very well written article. At 78 I accept that I am much closer to the end than beginning and I face the end without fear or regrets. I have been privileged with a life of adventure and feel confident that the three generations after me are thriving and contributing to those around them. I have been surrounded by love my entire life and hope my last days are not a burden on others. The circle of life continues in spite of the mysteries of death. Thanks again for the insights in your article and I hope you write more.
Post: My Death Odyssey
Link to comment from May 22, 2024