In today’s video, Rebecca asks an important question about retirement planning: With four different investment accounts- her 401(k), IRA, Roth IRA, and individual account- she’s wondering which one she should withdraw from first when she retires next year and needs income.
While many people default to withdrawing from their largest account, often the 401(k), without considering potential tax implications, Frank explains that the decision isn't necessarily about the size of the account. It’s about understanding tax strategies and how different withdrawal approaches could impact your income.
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Licensed Insurance Professional. Respond and learn how financial products, including life insurance and annuities can be used in various planning strategies for retirement. The information contained herein is based on our understanding of current tax law. The tax and legislative information may be subject to change and different interpretations. We recommend that you seek professional tax advice for applicability to your personal situation.
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