‘I hope to retire at 59’: I have $950,000 in my 401(k)s. When do I do a Roth conversion?

Dear Quentin,

I am 53 and hope to retire at 59. My wife, who is 50, plans to retire at 65. We have $950,000 in 401(k) accounts. Our mortgage is $1,200 per month and is scheduled to run through 2038, although we aim to pay it off sooner. Our total living expenses, excluding the mortgage, total about $7,000 per month.

My plan is to begin withdrawals from my 401(k) while my wife continues working until 65. At that point, she would begin collecting Social Security, allowing us to reduce withdrawals from my 401(k). I plan to delay claiming my own Social Security benefits until at least age 67. Based on Fidelity’s planning tools, this approach appears feasible.