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To It Is Your Money - From Traditional vs Roth

Posted: Feb 12th, 2023 - 3:47 pm In Reply to: Roth versus traditional - It is your money

Thanks, I had neglected to mention the tax part up front. Our planner told us (if we remember correctly) that we have to start taking the the Roth at age 72, or maybe he said 73. I also neglected to mention that if you are not working, you don't qualify to take out any IRA, so thank you for informing others here of that.

We have one annuity. Annuities can be scary, but we have a good one. It pays out over $300 per month, and it is also a life insurance policy. It's my husband's, and if something happens to him, I get the remainder (which has been growing) in one lump sum. NOT ALL ANNUITIES ARE CREATED EQUAL, so do your homework, and never fork over all your eggs into one basket, including with a market planner.

If I'm understanding the OP correctly, she has an IRA and wants to start drawing on it.

OP, it's never to late to start with a planner. Others, if you choose to start with a planner before you retire (we started when we first got married 47 years ago), you can see a broader picture on what's realistic for you in retirement. They don't force you into forking over a bunch of money, though some have minimum requirements to get started if you are doing long-term planning. They are there to advise you and they have a fiduciary responsibility to do so in an unbiased manner. Yes, there are bad people in any business, so go on recommendations from others.

Good luck. Please, OP, get with someone on this. They will ask what your goals are in terms of what you want to do in retirement and all sorts of things so they can best help you meet your wishes. They will also tell you if it's realistic for your lifestyle.


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