Hey all, I was hoping someone would help me evaluate my long term plan in terms of taxes.
I'm not nearly at my numbers yet but I'm planning to save to 1.5 million.
I'm thinking $300k will be in my rental property, $200k will be in my Roth IRA, $100k will be in cash like (T-bills or similar), and the remaining ~$850K will be in my 401(k).
I'm hoping to retire at 45 with these assets. At this point I would live off of the cash (including Roth IRA) contributions and rental income. I would also start a Roth IRA pipeline to transfer no more than $40k-$60k per year and start the 5 year clock on each of those conversions to avoid the early withdrawal fee.
Does this all make sense?
Let's not get into whether this will be enough money or not. Just whether I'm missing anything in terms of taxes or fees and if there is something else in this plan that makes it too risky.
Thanks!
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