Withdrawals and Tax Implications

In addition to Social Security benefits, you probably have at least one IRA, 401(k), pension plan or other assets you’re relying on now for income – or counting on later – to finance your retirement years. At this stage we feel that you should work with a professional to maximize the benefits you receive from any withdrawals you are making or plan to make.

Consider how much you need to withdraw from your assets to maintain a sustainable income flow during retirement.  Learn more…

Below are some common retirement investments and key considerations for withdrawing your money:

TAXABLE ACCOUNTS(i.e., brokerage, savings and checking accounts)
Withdrawing from these accounts first allows more time for tax-free and tax-deferred plans to potentially grow.
TAX-FREE/TAX-DEFERRED PLANS(i.e., Tax-Free – Roth IRA; Tax-Deferred – traditional IRA)
You are required to begin withdrawing money at age 70½, but may consider reinvesting proceeds elsewhere if you do not need the immediate income.
SOCIAL SECURITY BENEFITSThe longer you wait to tap these funds, the larger your monthly benefit will be when you do decide to take it. You are required to begin taking benefits at age 70.

We can help develop a withdrawal strategy that takes all of these considerations into account. Contact us today.


*Investors should consult with a tax advisor to determine the tax implications of the withdrawal strategies. There is no assurance that any investment strategy will be successful. Investing involves risk and investors may incur a profit or a loss. Past performance is not indicative of future results.

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.

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