Join for FREE,
and start talking with other members, weighing in on community discussions,
Also, by registering and logging in you'll see fewer ads and pesky
welcome messages (like this one!)
Good for you if you can do that. it is not unusual people to have $1M or more in their retirement account. To stay below IRMAA, $170K for MJ, it would take quite a few years to complete the conversion.
You will pay tax on only 85 percent of your Social Security benefits, based on Internal Revenue Service (IRS) rules. If you:
file a federal tax return as an "individual" and your combined income* is
between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $34,000, up to 85 percent of your benefits may be taxable.
file a joint return, and you and your spouse have a combined income* that is
between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $44,000, up to 85 percent of your benefits may be taxable.
Investors long ago figured out that they don’t want to pay high expense ratios on funds. Paying, say, $4 in transaction costs on a $100 deposit — and doing it repeatedly — would be dumb, so consumers really have not used ETF accounts to slowly accumulate assets over time.
The dramatic expanse of commission-free trading means that investors who prefer ETFs can now use them on small trades to build positions. While ETFs were built to be trading vehicles, this makes them more attractive to the long-term investors with small dollars, who can now build a portfolio efficiently with regular electronic deposits being added to their account without a trading cost.
Good news for many of our kids who are building their IRA's.