If you are considering retirement, then you may want to figure out how to turn your savings into income once the time comes. You shouldn’t just have one retirement account, you should have an array of different things that allow you to save as much as possible, and now is the time to regroup and take a look at your retirement profile. If you have a 401k you should consider and IRA since there are more benefits and it is more simplified.
Key Takeaways:
- Transitioning from a 401(k) to an IRA has several benefits, but a few possible unintended consequences.
- Divide your retirement income into short-term (1-3 years), mid-term (4-6 years) and long-term (7+ years) buckets.
- Your withdrawal strategy must consider the tax status of all your accounts.
“It’s a tax-advantaged saving plan that allows employees to make pre-tax contributions and employers often match some or all of the contributions. Other common tax-advantaged savings accounts include IRAs, 403(b)s, 457s, college saving plans, annuities, and municipal bonds.”
Read more: https://advancedretirementstrategies.com/how-to-turn-retirement-savings-into-retirement-income/
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