The truth is this whole thing is a cr*p shoot, nobody has a crystal ball. Will the market go up at an average of 2%, 5% or 10% the next 35 years? Will it go down or flatten out? Will inflation be 10%, 3% or -1.5%? All of these require different ways to deal with the market and life. But we model out the future using certain assumptions and use tools with those assumptions, Schwab is one of the tools that I used, there were a few others on the Boglehead WIKI. I see Bogleheads talk about New Retirement and other modeling tools.Oh, I meant where in the wiki is a recommendation to use Schwab's (and other) conversion calculators? Many of those web-based calculators ask you to enter your current and future tax rates, when the deciding factor in "To Roth or not to Roth" is figuring out at least a reasonable guess for what those rates are and will be.Sorry ... doesn't seem to be able to copy/paste or put a URL with numbers in it. Playing around with the numbers it does seem the Schwab one was doing a one time conversion. If I kept the conversion amount inside the 12% bracket, for us based on their 2023 tax schedule that would be about $27K, I would be ahead by $126 in 10 years. So it's basically a wash it seems like.Where are those recommendations?...found a WIKI that had websites for Roth conversion calculators....
While simplicity is good, we may not want the wiki to recommend a tool that is oversimplified to the point of absurdity.
I would think most people here kind of do a DIY approach to investing and retirement planning, I would also think that some use a financial planner along with wanting to have financial knowledge. Some or all have a general idea of what their tax situation will be in the near future, nobody has an idea where the government will take tax levels to past next year.
I appreciate you trying to help me but what tools should I use to get a ballpark figure if anything - planning, taxes, Roth conversions and when to take SS is to be considered? It seems they are done in a vacuum to one another. Or do I/we not use tools and just wing it?
Statistics: Posted by Vinny_in_NJ — Sat Feb 10, 2024 12:56 pm — Replies 14 — Views 1292