What source of income to take from during retirement?
Hi Terry!
I live in South Haven, Michigan, just turned 69 and recently retired. I haven’t yet applied for social security, but need 12 months worth of income. I am fortunate to have several sources available to me but would like to know where you think it would be best to take from.
1. IRA (25% tax bracket Federal and state combined)
2. ROTH IRA
3. I Bonds (3 month interest penalty would apply)
4. Take Social Security now (currently age 69)
Thank you so much, you’re the best!
Terry Says
DONT take SS now — it will cost you 8% in your basic check, this year and in all future years~!
Don’t cash the I bond.
The rest depends on your income for this year. Taking too much could increase your Medicare Part B premium.
So consult with your tax preparer, or take the money out of the Roth IRA, where it will have no impact on your income, and none on your Medicare premium.
