How to Take Money Out of Retirement Accounts Without a Big Tax Hit
You saved into your 401 (k) for decades, reduced your taxes every year you could, and watched the balance grow. But the IRS doesn’t retire when you do.
Every dollar you pull from that account in retirement is ordinary income, and if it is your only account, you could end up in the same tax bracket you were in when you were working, or higher.
In this episode of Financial Commute, Wealth Advisors Ian Rennick and Mike Rudow break down the four types of retirement accounts, why the conventional withdrawal order most people follow might be a short-sighted strategy, and what it looks like to build…
The skinny
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