Retirement Withdrawal Strategy – Which Account to Pull From First

In This Video:

Transitioning into retirement means a shift in thinking from accumulation to distribution. Planning doesn’t stop just because the goals are different. In fact, this might be the most important part of the retirement planning process because we want to minimize the taxes you’ll have to pay on those savings you’ll start pulling from.

Things to Consider:

Which account should you take your money from first when you retire? That’s a question we get all the time when meeting with new people, and depending on what you do, it could either save you or cost you thousands of dollars in retirement income in taxes.

Let’s talk about the different strategies you can use to determine which accounts to pull money from first and how to keep your taxes down as you do so. Our goal is to help you keep as much of your own money as possible in retirement and this discussion goes a long way towards helping you achieve that.

Here’s what we cover in this financial video:

0:00 Intro

0:39 The 3 tax buckets you need to understand first

4:25 3 common approaches people use to withdraw money

6:37The more strategic approach we often use

7:17 – Why we look at where you should pull from last

8:30 – Using tax cylinders to get you to a certain tax bracket

10:37 – Trying to keep your taxes as low as possible early on

13:30 A story from a recent client


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