I’m 58 With $1.8 Million Saved. Here’s How I Stress-Tested My Tax Plan Before Retiring

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Quick Summary

• A 58-year-old with $1.8 million saved looked financially secure, but small tax and timing mistakes could still derail retirement.

• Before retiring, you can work with a financial advisor through SmartAsset to pressure-test withdrawal strategies, Roth conversions, and long-term tax exposure.

At age 58, he thought he was ready to retire.

On paper, everything looked solid. There was $1.8 million spread across a 401(k), IRA, and brokerage accounts, the house was nearly paid off, and expenses were stable.

But as retirement approached, he didn’t know how much of that $1.8 million he would actually get to keep.

Between required minimum distributions, Medicare surcharges, capital gains taxes, and future tax law changes, small missteps could cost him hundreds of thousands of dollars over the next 30 years.

So before submitting his retirement paperwork, he decided to stress-test his entire plan.

If you are in a similar situation with unanswered questions about your retirement plan, here’s how you can approach the process.

Retirement planning is about how much you saved, when you withdraw, which accounts you tap first, and how those decisions affect taxes over decades.

To get clarity, you can use SmartAsset’s free matching tool to connect with vetted financial advisors.

After answering a short questionnaire about your assets, income, and goals, you are matched with up to three advisors who work with clients in similar situations.

Each can walk you through different scenarios.

One may focus on Roth conversions before age 63. Another may highlight how Medicare premiums could jump if your income spikes. A third may model how different withdrawal sequences affect your long-term tax bill.

Seeing multiple perspectives side by side helps you spot blind spots that are easy to miss when planning alone.

The consultations are typically free, with no obligation. The real value is gaining confidence that your plan can hold up under stress.

Even with strong investments, early-retirement market downturns are a real risk.

Selling stocks in a bad market can permanently damage your portfolio. That is why many retirees look for a backup source of cash that does not depend on market conditions.

Your home equity can play that role.

If you have equity, you can use Rocket Mortgage’s online questionnaire to see whether you qualify for a home equity line of credit.