The order in which you withdraw your funds during retirement can greatly impact the taxes you owe and the longevity of your savings. In this video, we'll explore a unique approach to taking withdrawals, which is often overlooked. If you're considering retirement or have recently retired, watching this video will provide valuable insights to help you make the most of your savings. 👉🏻 Get a plan that optimizes your retirement income. Start here 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? -- 📊 Get a customized Social Security filing plan. Start with a 10-minute discovery call with a Registered Social Security Analyst → Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice -- 🧑💻 ➡️ Get a copy of my newly revised book here -- ➡️ Simple Questions? Join my FREE Facebook Group! ➡️ If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ ⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 -----------------------------------------------------------------------------------------------------...(read more)
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As we approach retirement, one of the most important decisions we will make is deciding how much to withdraw from our retirement accounts each year. This decision is critical as it directly affects our standard of living during our retirement years and could have significant implications on whether our retirement savings can sustain us for our golden years. The optimal retirement withdrawal strategy varies depending on your unique situation and financial goals. However, there are a few general guidelines that can help guide your decision-making process. One of the first things you need to consider is your overall financial situation which includes the size of your retirement savings, your other sources of income, and your projected expenses during retirement. It's important to evaluate these factors to help determine the amount of money you need to withdraw annually to maintain your desired standard of living. Assuming you have a comfortable retirement savings, withdrawing a percentage of the portfolio each year can be a good way to maintain your lifestyle without overspending and running out of funds too soon. The 4% rule is a popular guideline that suggests withdrawing 4% of your retirement account balance in your first year of retirement, adjusting it annually for inflation to maintain your purchasing power. Another strategy is to use the "bucket" approach. This involves dividing your retirement savings into different "buckets" based on when you'll need the money. For instance, you have a cash bucket for expenses during the first few years of retirement, a bond bucket for money you'll need within the next 10 years, and a stock bucket for money you won't need for a decade or so. This approach aims to reduce the risk of overspending by ensuring that you have enough cash and short-term investments to cover your near-term expenses while your long-term investments continue to grow. It's also important to consider taxes when creating a retirement withdrawal strategy. If you've invested in both pre-tax and after-tax accounts, you'll want to consider which accounts to withdraw from first to minimize taxes. That said, speaking to a financial advisor can be helpful to optimize retirement tax planning. Lastly, be flexible with your retirement withdrawal strategy. Life circumstances can change, so it's important to adjust your withdrawal rates and plans accordingly to ensure that your retirement funds last as long as possible. In conclusion, having a solid retirement withdrawal strategy is critical to ensuring that you achieve your financial goals during your golden years. It's essential to evaluate your situation and seek professional advice to determine the best plan of action. Remember that it's crucial to be flexible, so adjust your strategy as needed to ensure that you're on track to live the retirement you deserve. https://inflationprotection.org/the-best-strategy-for-withdrawing-retirement-funds/?feed_id=95404&_unique_id=64586689a9fa3 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #RothIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
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