Hi Terry, my husband and I are recently retired. We have a 403b, and Ira accounts. We know that we will have to start taking Rmds in a few years. Most of our accounts are with Charles Scwab. Should we start taking some money out now to avoid large taxes when we are 70 1/2 or should we wait. Does Charles Scwab have cfps who help their clients?
Terry Says: Oh yes, Schwab offers basic advice on RMDs, and also has a preferred group of CFPs whom you contact and deal with individually for more overall investment/withdrawal/planning advice.
As to your specific question about when to start withdrawing, the usual and general advice is to wait as long as possible to generate more tax-deferred growth on your money. Unless you anticipate a tax increase, or there is some additional income coming your way in retirement, that’s the strategy I would recommend. But meeting with a planner can give you a more definitive and specific answer to that question.