- April 7, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Plan for Retirement at 53
Here is my comprehensive plan for retirement at the age of 53:
### Health Insurance Coverage
I am 53 years old, and my wife is still working, so I will be covered by her health insurance, alleviating any concerns about healthcare costs during retirement.
### Financial Details
#### 2024 Estimated AGI
My estimated AGI for 2024 is $29,000. After deducting the standard deduction of $29,000, my taxable income will be reduced to $0, ensuring minimal tax liabilities.
#### Stock Sales Strategy
To optimize my finances, I plan to sell individual stocks first, leveraging the long-term capital gains tax exemption of up to $94,000 for married filing jointly. This year, I only need to sell up to $31,200 to cover half the basis and half long-term capital gains, considering my salary was $31,200 last year.
#### Total Stock Holdings
I currently hold total regular stock value of $171,314. With an annual income of $31,200 in 2023, my stock holdings can sustain approximately 5.5 years of living expenses.
#### Retirement Income Strategy
Considering my age of 53, withdrawing the calculated amount annually may deplete my stock holdings by the time I reach 58.5 years old. To maintain a steady income stream, I might have to tap into my Roth IRA contributions until I turn 59.5 in 2030, followed by utilizing my retirement savings of approximately $1.5 million in 401k, Roth, and traditional IRAs.
### Roth Conversion Consideration
#### Financial Analysis
I am contemplating whether to start a Roth conversion ladder now or wait until our income is reduced to zero when my wife retires. With an AGI potentially reaching $0, converting up to $29,000 to a Roth IRA could be tax-free due to the standard deduction for 2024.
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