Yes, I have a bit of money in a traditional IRA. I stopped working at 58, joined Social Insecurity at 62, am unable to put money in due to my status but I can split my wife's allotment between us. When I do that I put it in a ROTH I can grab any old time.
The problem is I want OUT of the Traditional IRA as soon as possible.
I do know I will get a tax hit, but I am not that bright as to how much.
I suspect this is a good time to do it, my wife had low income last year and this seems to be the same [illness etc].
Is there a tool or guidance on how much the hit will be based on how much I take out?
Or do I have to seek out a financial professional?
I'm just a grunt so don't laugh at me please amigos. My ego will be crushed.
The problem is I want OUT of the Traditional IRA as soon as possible.
I do know I will get a tax hit, but I am not that bright as to how much.
I suspect this is a good time to do it, my wife had low income last year and this seems to be the same [illness etc].
Is there a tool or guidance on how much the hit will be based on how much I take out?
Or do I have to seek out a financial professional?
I'm just a grunt so don't laugh at me please amigos. My ego will be crushed.