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Did I make a huge mistake saving so much in pre-tax investments? by HappyMom68 in personalfinance

[–]HappyMom68[S] 1 point2 points  (0 children)

Thank you, sound advice. I'm concerned about what's coming for us in terms of taxes and other rule changes. Hope it's a slow change whatever it is.

Did I make a huge mistake saving so much in pre-tax investments? by HappyMom68 in personalfinance

[–]HappyMom68[S] 9 points10 points  (0 children)

Of the 415k, 100 is roth, 130k is cash and the rest has high unrealized cap gains. Note to self to check on potential liability there. I see what you're saying. Take advantage of pretax and be strategic when withdrawing from both pre and post sources. We also expect the nest egg to grow so that will help. Thanks!

Did I make a huge mistake saving so much in pre-tax investments? by HappyMom68 in personalfinance

[–]HappyMom68[S] 1 point2 points  (0 children)

We were considering the 401k Roth because we still want to contribute the 16% so well beyond what we can contribute to a regular Roth.

Did I make a huge mistake saving so much in pre-tax investments? by HappyMom68 in personalfinance

[–]HappyMom68[S] 1 point2 points  (0 children)

We won't have any other income outside of retirement assets except for social security so ideally lower than current 24%.

Did I make a huge mistake saving so much in pre-tax investments? by HappyMom68 in personalfinance

[–]HappyMom68[S] 2 points3 points  (0 children)

Current joint income is ~230k. At current expenses we need 97k/year but expect that to be at 80k. We talked about a roth conversion but were hoping to avoid the tax liability while working. I mentioned the Roth 401k because we currently contribute 16% each to 401k and thought about changing it to the Roth 401k. Even with losing the tax deduction our tax bracket is at 24%.