Securing Eleanor's future, honoring her husband.
Eleanor faces the challenge of managing a significant inheritance at a late stage in life, needing to determine a safe withdrawal rate from her IRA and taxable accounts to cover her living expenses. She is concerned about outliving her assets and desires to minimize taxes while preserving capital for her beneficiaries, particularly given the complexities of required minimum distributions and estate tax implications.
Using Golden Door Asset's Retirement Calculator, we projected various withdrawal scenarios for Eleanor. The calculator helped determine that a 4% initial withdrawal rate from her combined assets ($2.25M) would provide approximately $90,000 annually, supplemented by her Social Security income. We then optimized asset allocation within both accounts, adjusting for risk tolerance and time horizon, projecting potential growth and adjusting her strategy using the tax equivalent yield calculator.
The Retirement Calculator was integrated with Eleanor's existing account data, allowing for real-time adjustments based on market fluctuations and tax law changes. The results were then analyzed in conjunction with the Tax Equivalent Yield calculator to minimize her tax burden.
$175,000 estimated tax savings over 15 years through Roth conversions and strategic gifting, coupled with a projected 90% probability of maintaining her desired income level for the remainder of her life.
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