Do you know there is actually a correct way to withdraw your retirement funds? You’ve been throwing money in so many investment vehicles over the years. Now that you’re ready to capitalize on that money, make sure you withdraw your retirement funds the correct way.
Nick Schneider is back in The Doctor’s Life Podcast studios to run us through withdrawing your retirement funds. All episodes of The Doctor’s Life Podcast are available on iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.
How do I get my money back?
As you get closer to Retirement the question becomes, how do I get my money back? Should I be expecting to receive social security? When do I apply for medicare? Are there any supplemental programs I should look at for health care costs? How do I pay for long term care costs?
2 Strategies
1. “Safety First”
2. “Probability Based”
Do not rely on the 4% rule as it does not take into account market performance or longevity.
Let’s first address distribution methods.
Most clients should take out the money that is taxable to them first. These accounts include 401k, 403b, IRA, Mutual Funds.
The second option would be any Mutual Funds or Stocks you own
Lastly, I would recommend keeping your Roth IRA for last as there are no minimum distributions.
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Go to the previous podcast episode.
