- Apr 8, 2008
- Reaction score
but I don't need surgery...I own a milk cow business, building and every thing inside paid for, and multiple re deals that pay monthly comerical rental thats 10k per mp. and a house rental, I have brand new rv garage home in havasu paid for and one in vegas....... now here's the bad new... I'm sliding right under the 37% bracket... any withdrawals from a 401k will be horrible... I don't have a 401k.... my with does, it was packet to the max for 40 yrs... so about 1.3m as it sits.... she don't have to with draw till 2032.. she get a big retirement from the gas company where she worked for 38 yrs, she finally retired...next year I will for sure be in the 37% tax bracket.... more my question was if you start putting some in a roth, when the kids get the money it's tax free???? right???taking money out of 401k would be at 37% tax,... so my thought is to just let it sit....???? right or wrong.... but, the last thing I would pay some one to do with "MY" money is tell me what to do with it... starting from a kid on welfare and only going to the 9th grade, I think I did all right.... I had a fin. advisor tell me that I should put a mortage on my comerical and home property and put the money to work.... that was around 2006 or 7.....Next time I saw him he was renting a house... his got repoed...
You've done a kick ass job no doubt. I was reading through your initial post trying to figure out what you were selling. HAHA!
So congress just passed a law last year to tax and force liquidation of inherited 401k and I think IRA's. You'll have to look it up. They want all the future generations to been poor and taking hand outs.
A Roth conversion doest seem to be in your favor based on your current tax rate. Sounds like you need to consult an estate & tax planner.