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Thread: How NOT to retire:

  1. #25

    Join Date
    Oct 2007
    Location
    Occoquan, VA
    Posts
    2,423

    Default Re: How NOT to retire:

    You mean a mortgage, or a reverse mortgage? Do you really want to be making payments on your house when on retirement? Or do you mean a loan for home improvements?
    "All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python

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  3. #26

    Join Date
    Apr 2005
    Location
    Gainesville, Florida, USA
    Posts
    24,244

    Default Re: How NOT to retire:

    I mean a mortgage payment that will provide an interest deduction to help off set my sources of income. There are only so many deductions available - a monthly mortgage payment won't be a problem for me. My oceanic account will throw off plenty of income to handle any mortgage payments - and this account will continue to grow well into my old age - that growth does not take into consideration capital appreciation.

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  5. #27

    Join Date
    Aug 2008
    Location
    Pensacola, FL
    Posts
    6,312

    Default Re: How NOT to retire:

    Even I understand the genius of this move.


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  7. #28

    Join Date
    Apr 2005
    Location
    Gainesville, Florida, USA
    Posts
    24,244

    Default Re: How NOT to retire:

    My objective is to try and reduce my tax basis as much as possible so I get to keep my money instead of paying taxes all the time. That's why my wife has a defined contribution plan that will not require distributions until she is 70. Same with my TSP account - my distributions will roll directly into a Roth IRA that has no required minimal distributions or age limits. Anytime you have financial flexibility you can maneuver to save on taxes. Keeping the adjusted gross income low is the key - that sets your tax basis.

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  9. #29

    Join Date
    Apr 2004
    Location
    36/36 121/56
    Posts
    374

    Thumbs up Re: How NOT to retire:

    Quote Originally Posted by Birchtree View Post
    My objective is to try and reduce my tax basis as much as possible so I get to keep my money instead of paying taxes all the time. That's why my wife has a defined contribution plan that will not require distributions until she is 70. Same with my TSP account - my distributions will roll directly into a Roth IRA that has no required minimal distributions or age limits. Anytime you have financial flexibility you can maneuver to save on taxes. Keeping the adjusted gross income low is the key - that sets your tax basis.
    Another way of putting it is: It's not what you make, it's what you end up keeping. I'm on the same wave length as BT on this one. So as long as we have the Mortgage Interest deduction, I'm using it to my benefit.
    Last edited by Elgallo; 04-20-2011 at 01:41 PM.

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