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Question: I’m 70 and living sufficiently on Social Security, as I’m not a high-maintenance person who needs to purchase high-end cars, fancy vacations or a huge home. My Social Security is about $24,000 per year, and I’m now in a low tax bracket. I’ve paid off my small apartment, and I’m without debts. I’ve considered living abroad in Southeast Asia temporarily when the weather in my area hits low 20s.
Let’s first start with your question about what to do with the company pension. “Based on what you’re saying, moving your pension into your IRA is probably a good move. Taking a pension annuity works for people needing additional monthly income, but this doesn’t sound like you,” says certified financial planner Josh St. Laurent at Wealth In Yourself.
As for the RMDs question, “at age 73 you’ll be required to start taking your RMDs and this will count as extra income. To give you a sense of what this will look like, a person turning 73 in 2023 would have an RMD requirement of $18,867.92 for a $500,000 IRA. This may change slightly over the next few years, but gives you an estimate,” says St. Laurent.
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