Checking Up
MY WIFE AND I DO a mid-year and year-end financial review. This includes an updated family balance sheet, cashflow analysis, portfolio review and a review of retirement projections.
I���m semi-retired and do some consulting when work is available. This income isn���t guaranteed, so I keep a spreadsheet that estimates our income and tax burden for the year. I usually update this quarterly to see if we need to submit any estimated state or federal tax payments.
During our twice-yearly financial review, we discuss spending priorities for the next six months. Our 2021 mid-year review was less routine���because my wife retired at the end of June. We���ll most likely roll her company 401(k) into her IRA at Vanguard Group, at which point we���ll have to choose how to invest that money. The biggest issue, at least in my mind, is that for the first time we���ll have to start withdrawing funds from our retirement accounts. We need to decide which investments we���ll withdraw the money from and how much to withdraw.
I���m semi-retired and do some consulting when work is available. This income isn���t guaranteed, so I keep a spreadsheet that estimates our income and tax burden for the year. I usually update this quarterly to see if we need to submit any estimated state or federal tax payments.
During our twice-yearly financial review, we discuss spending priorities for the next six months. Our 2021 mid-year review was less routine���because my wife retired at the end of June. We���ll most likely roll her company 401(k) into her IRA at Vanguard Group, at which point we���ll have to choose how to invest that money. The biggest issue, at least in my mind, is that for the first time we���ll have to start withdrawing funds from our retirement accounts. We need to decide which investments we���ll withdraw the money from and how much to withdraw.
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