Good point. I am not sure how much the income taxes will be. I was thinking to delay my first withdrawal from the inherited traditional account until December of 2025 to let it grow through the year, then take perhaps a little less than $100,000. With adjuncting, I would expect a max income in 2025 via work to be about $8,000 for the entire year of 2025.With $2.5 million left post-house purchase, $60,000 is a 2.4% withdrawal rate. Not ridiculous, even at age 38. However, assuming the $5,000/month doesn’t include income taxes, how much will they be? Especially since you need to withdraw that $1 million IRA, taxed as ordinary income, within 10 years. Even if you don’t spend your withdrawals immediately, you do have to pay the taxes immediately.
2). I think I don't quite understand how it may impact my benefits other than a broad sense that the future payment will go down. I worked full-time since I graduated grad school (so from age 24 through 38). Max work income was $100,000/year. I have no idea where I would be at with this type of history.Other thoughts;
2) Think about the negative impact of minimal work on your future Social Security benefits. Gainful employment once your child is in child care and school would help.
3) Child care costs don’t disappear once a child enters elementary school. There are usually extra activities and/or before/after school care.
3). True, and I guess I should factor in after care, as I will need too. Maybe that would be a few hundred each month.
My overall hope is that the light adjunct instructing, maybe even moving over to virtual-only, due to being a single parent with a young kid, will help offset some of my expenses and boost my emotional resources. But obviously, there is a lot of math to do here, and while somewhat accurate/close to calculating everything, I believe I am not quite there yet. There seem to be a variety of other factors I have yet to consider...
Statistics: Posted by liz24 — Mon Sep 16, 2024 2:55 am — Replies 6 — Views 604