I'm sure this has been addressed many times before so I'll not expect lengthy responses or explanations, but do hope some of the experts out here can essentially give me a thumbs up or down type guidance. The specifics:
1. Spouse and I plan to work until Mar 2021, then plan to retire. I will be 63, she will be 55.
2. 2019 AGI = $423k; Taxable Income $399k. 2020 will come in the same.
3. No kids, so no plans for heirs to inherit
4. We've deferred most of spouses income in last four years to pay lower taxes when it distributes after retiring
5. We have the cash to pay taxes - but since our tax rate is probably the highest now it will ever be, this is the reason we have not done it. We would need to liquidate some ETF.mutual fund shares that quaify for long term gain rates
6. We have about $3.3m set aside in various accounts (taxable brokerage, 401k's; nondeductible IRA's; RSU stock; cash; deferred compensation)
7. Home is paid for - no mortgage
So, given the above and less than a year before retirement, is this no longer soemthing we should even consider and move on?
I am not an accountant or CPA, so overly techincal explanations may be tough to decipher. Explain it as if speaking to your Golden Retriever.