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Saving for retirement is only part of the process of ensuring financial security during your golden years. The other part is planning how and when to withdraw funds from your retirement savings...
3 factors that can change your retirement fund withdrawal strategy. Your current and future tax brackets, retirement goals, market conditions and additional factors can all play a role in defining ...
Withdraw from taxable accounts first. It is a good idea to allow funds in a 401(k) or IRA to continue to grow. If you need to withdraw funds, do so from your brokerage or your investment accounts.
Uncrystalised Funds Pension Lump Sums or UFPLS, is an additional flexible way to take pension benefits. Rather than move the whole fund into a drawdown arrangement, ad-hoc lump sums can be taken from the pension. Any withdrawals will allow 25% to be taken tax free with the remaining 75% of the fund treated as taxable income.
The above withdrawal strategies, sometimes referred to as strategic withdrawal plans or structured withdrawal plans, focus only on spend-down of invested assets and do not typically coordinate with retirement income from other sources, such as Social Security, pensions, and annuities.
Based on 401(k) withdrawal rules, if you withdraw money from a traditional 401(k) before age 59½, you will face — in addition to the standard taxes — a 10% early withdrawal penalty. Why?
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