What to tap into first in retirement
Hi Terry,
What is the best course of action for taking money out to use in our retirement? We have 2 Traditional IRA accounts, 2 Roth IRAs, and an Eaton Tax Advantage account.
Terry Says
What about Social Security? How does this figure in your plans? The longer you wait to take SS (until max age at 70) the better. It not only grows your check by about 8% a year, but it gives you a higher base for future inflation adjustments.
Typically you want to use your after-tax money first — and let your retirement accounts grow tax deferred.
But really, you should have a meeting with a FIDUCIARY fee-only financial planner to discuss ALL the issues, including how you will fund healthcare, the need for long term care insurance, your estate plan, etc. Find a FIDUCIARY fee-only advisor who is not selling you something at Wealthramp.com
