Planning for retirement and having information overload
I really don't know what I am doing and need some help with understanding how to start the retirement process. I think I have enough in assets however, there are so many moving parts and I am at a loss for what I should do/learn next.
* 60 yo
* Plan to retire April 2027
* Lost partner of 21 years in April, they were the financial guru, we were not married
* Mortage paid off
* Budget per month about 3K including est. $1000 month for health care (but not sure, I'm healthy), plan ACA
* Plan to sell home and buy a condo in the next year, cost of additional \~100K, which I could pay in cash but that would deplete one acct.
* Plan to get a new car, cost of additional 40K with trade in
* Portfolio of \~1.7M, IRA brokerage at 34%, Roth 12% and Brokerage 17% with breakdown of 47% stocks, 0 bonds, 16% short term and 37%"other"(which I think is cash), this is per dashboard
* 401K in another Company 1M (37% of total portfolio) in the retirement 2030 fund
* I think my optimal timing window is age 61-62 so I don't run into problems with IRMAA
From what I understand, I should take money from brokerage first and Roth or 401K second. I plan to transfer 50K per year out of IRA to Roth, depending on where the tax credit kicks in. I read that only capital gains count toward MAGI. I really don't understand this part. I can take out of my 410K up to the standard deduction. Once I turn 65 to 70, I will be on medicare and need to watch my income to keep the Medicare charges low. I plan on take SS at age 70.
Does it seem like I am on the right path? What should I do to learn more? I considered a financial advisor but they seem so expensive. I feel like I need to make a decision to either keep working (don't really want to) or just jump in to the condo and retirement, which feels very scary. Finance is not my forte and I wish I paid more attention. Any suggestions are welcome.