I'm 84 and my wife is 77, and we are both fully retired. We have no significant financial obligations beyond routine monthly expenses such as food, utilities, taxes, insurance and so forth. Our largest expenses are required minimum distribution-related taxes and annual real-estate taxes, which together run about $7,000 per year.
Our combined net worth is approximately $8 million, most of which is held in separate traditional IRAs — two in my name and two in my wife's name. Our annual income comes from Social Security, RMDs and monthly pensions from previous employers. Our pensions total about $2,200 per month.
Dick's Sporting Goods' epic drop hits other footwear giants, as shoppers sour on retro sneakers
There's so much betting against long-term bonds that a turnaround could catch investors off guard, says Citadel Securities
After taxes, we reinvest approximately half of our RMDs in a taxable brokerage account. The other half goes into a bank account from which we pay our expenses; it normally maintains a balance of about $45,000. We simply don't seem to need much money. Our relatively minor healthcare expenses are covered by Medicare and Medigap policies.
#taxes
Our combined net worth is approximately $8 million, most of which is held in separate traditional IRAs — two in my name and two in my wife's name. Our annual income comes from Social Security, RMDs and monthly pensions from previous employers. Our pensions total about $2,200 per month.
Dick's Sporting Goods' epic drop hits other footwear giants, as shoppers sour on retro sneakers
There's so much betting against long-term bonds that a turnaround could catch investors off guard, says Citadel Securities
After taxes, we reinvest approximately half of our RMDs in a taxable brokerage account. The other half goes into a bank account from which we pay our expenses; it normally maintains a balance of about $45,000. We simply don't seem to need much money. Our relatively minor healthcare expenses are covered by Medicare and Medigap policies.
#taxes
6 days ago
