Ultimately, the key question in retirement is whether your income is greater than or equal to your expenses. If the answer is yes, then you are in good shape. If the answer is no, then you have a problem.
So while you should get away from Wells Fargo quickly,* you also should figure out what you expenses will be in retirement. Focusing on income only gives you half the picture.
* Selling assets in a taxable account will likely result in capital gains taxes being due. So you want to sell in a way to minimize those taxes. You can move the assets in-kind to another brokerage, and then come up with a plan to sell.
(I have to say that it’s funny that you hold Morgan Stanley stock in a Wells Fargo managed account.![:D]( "Very Happy")
)
So while you should get away from Wells Fargo quickly,* you also should figure out what you expenses will be in retirement. Focusing on income only gives you half the picture.
* Selling assets in a taxable account will likely result in capital gains taxes being due. So you want to sell in a way to minimize those taxes. You can move the assets in-kind to another brokerage, and then come up with a plan to sell.
(I have to say that it’s funny that you hold Morgan Stanley stock in a Wells Fargo managed account.
)Statistics: Posted by delamer — Thu Feb 29, 2024 4:30 pm — Replies 7 — Views 810
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