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Reply to "Switching to spending down savings "
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[quote=Anonymous][quote=Anonymous]We make the switch in one month! To date we have worked hard to get a real estimate of our expenses. Credit cards and all. So assuming we estimated everything right, we have a plan to use up regular savings first then move on the pre-tax savings. [/quote] You can take out $29,200 tax free in 2024. That’s the standard deduction. I’d take a mix of savings and pre-tax to smooth the taxes you’ll pay over your retirement time frame. For example, you can take out up to $94,300 and still be in the 12% tax bracket. My parents did not do this and now they are shocked their RMDs are going to be so high. [/quote]
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