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I’m a single woman with no children, turning 63 years old this year but my family has longevity so I’m using 100 years old as my life expectancy mark for retirement planning.
I have a combined portfolio of $200,000 in a 5% money market, and $1.4 million in stocks in a 401(k) (mostly dividend stocks) and a Roth.
I just purchased a $200,000 annuity for security.
I still have a $125,000 mortgage and will need a new car soon. My salary is $135,000 per year.
I hope to continue working but I’m not taking it for granted and want to be prepared for layoffs that seem to happen often.
I expect my expenses to be around $100,000 a year in retirement.Should I convert some of my savings into a Roth and take the tax hit now? Also, at what age could I retire worry free? I think you’re in good shape.
There are some meaningful gaps in the information you provided, but I’ll explain the reasonable assumptions I used to fill them in before I explain where I think you stand.
As for converting money to a Roth, yes, I think a Roth conversion strategy could be valuable for you although I don’t think I’d recommend doing it all at once.
You may consider spreading the conversion out over a number of years.
(If you have similar retirement-planning questions,consider connecting with a financial advisor.) I don’t want to get sidetracked from answering your question, so let me just quickly lay out some of the assumptions I had to make.
I’m not suggesting these assumptions are “right” or that you should use these as a target.
Adjust these as needed as you make your final decision” Investments: You said you have $1.4 million “stocks,” which I hope also includes some bonds of various types, or that you at least plan to reduce your equity exposure in the near future.
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