59 & 58 - plan to retire approx 8 years at 67/66,
Income : 289k gross
403 B (both of our accounts combined
\~$1.15M now
\~ 100k is in Roth right now
\- contributions 60 k pretax /17 k to Roth annually
Retirement Income:
\- pension $1k/mo (no COLA).
\- SS: me $3.7k/mo at 69 (\~10/2035)
\-SS spouse $4.7k/mo at 70 (\~3/2038)
\- cash approx 250 in cash at retirement in HYSA
\- we live in Pennsylvania, which favors retirees tax wise, so really only concerned about federal taxes
Questions:
1. Best way to fund the “bridge” until spouse SS starts—how much cash/cash-like, and where (HYSA vs stable value/MM inside 403b)?
2. Better to keep building cash + do Roth conversions in 2034/35 (potentially in a lower tax bracket ) or shift more contributions to Roth 403 b now vs pretax ?
3. We obviously made a very big mistake by not saving enough cash or Roth in our earlier years before we were making a higher income. Is it too late to figure this out? just concerned that we have so much pre-tax and not enough cash/roth
Thank you !!