Bodhi
6k posts, incept 2008-02-23
2020-12-07 10:10:37
I never converted to a Roth as the taxes would have been higher since my business was doing well the past few years. I'm now past full retirement age (68). I pulled the money out of my two small IRA accounts this year due to the fact business has been pathetic since about May, figuring I'll be in the lowest tax bracket for tax year 2020.
My larger SEP-IRA I'm thinking about cashing out after the first of the year. Not so much because I think the Feds might confiscate it, but they could initiate withdrawal limits to tie up my money, or raise tax rates. Since the economy looks to implode by 2022-2024 I want to get the money out well ahead of time, assuming the timeline holds.
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