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Topics - HAFFnHAFF

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Taxes / Confused About Tax Free Living
« on: December 20, 2018, 08:39:17 PM »
I just recently came across this blog and the idea of tax free living.  I'm 28 years old and my wife and I have both been maxing Roth IRA's for 6 years now.  We currently have about $100,000 in those funds. 

I understand how you can contribute to a traditional IRA (neither of us have access to a 401(k) but my wife does have access to a SEP IRA as a self employed person) to lessen tax burden now and then convert it to a Roth IRA in years where income was low to avoid paying taxes.

Here is what I can't quite get my head around...

How do you make it through the 5 year waiting period before you can use the money?  If I contribute to traditional IRAs from here on out and then when I stop working and start converting less then $24,000 a year to Roth's to avoid taxes, what do I live on without an income?

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