"1) Will we have a RMD/tax issue as the advisor/insurance agent states based on their Monte Carlo simulation. 2) Is insurance a good option despite the cost? 3) Considering our situation, what is a good spend down strategy? 4) I always figured we were going to be ok with what we’ve saved but inflation, taxes and uncertain returns now have me questioning that. My wife will be 66 this year and currently draws social security and I’ll be 64, planning to work until 65 (longer or part time as needed) and wait until 70 for social security. At 70, I expect to earn 40k/year gross or 35k net (roughly 2900/mo for me) from social security. I currently earn 75k/year gross and my wife, 26k/year gross (social security). Of that we average 78k/year take home or 6500/month. Unfortunately, our expenses typically exceed that amount on average by 1500/month due to home improvements etc. making our annual needs 96k/year. Our total investments include, tax deferred (401k & IRA) $2.7 mil
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)