Navigating widowhood, inheritance, and financial security.
Eleanor is concerned about outliving her assets and the potential tax implications of required minimum distributions (RMDs) from her $1.8 million Traditional IRA. She also wants to understand the best way to structure her estate plan to provide for her grandchildren while minimizing estate taxes on her $450,000 taxable accounts. With market volatility, she lacks clarity on safe withdrawal rates.
Using the Retained Earnings Calculator, we projected Eleanor's potential income streams under various withdrawal scenarios, factoring in inflation and potential investment returns. This enabled us to determine a sustainable withdrawal rate of 4%, generating approximately $90,000 annually from the IRA and $18,000 from her taxable accounts, helping meet her living expenses.
The Retained Earnings Calculator was used to project Eleanor's IRA growth under different investment allocation models and withdrawal rates, factoring in her tax bracket and required minimum distributions. We also created a series of 'what-if' scenarios to stress-test the plan.
$37,000 increase in available annual income, ensuring Eleanor's financial security, with a comprehensive plan to minimize RMD taxes
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