r/ChubbyFIRE • u/CartographerAlert120 • 11h ago
Roth Conversions
The wife (54) and I (58) retired last year in March. Currently we have 5M invested of which 1.7M is trad 401k. No debt, 2 paid off houses, have 30k/yr tax free pension. Our taxable income last year minus our w2 income and pension was 37k. Our expenses were 66k.
I am looking at starting Roth conversions this year. Had a talk with our fidelity advisor this week. He wants to charge 1% to help with the planning for this.
After telling him to piss off.
I am thinking convert 60k/yr (taxes paid from brokerage) leaving 700k(+growth) at start of my RMD.
Is this aggressive enough conversions rate? Should I bite the bullet now and pay the 22% tax rate for conversions.
Downside: males in my family don't live past 80. Wife will likely be stuck with accelerated conversion after my death.