Where Should I Pull Funds From First in Retirement?

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 29 December 2020

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our topic on this episode of the Ready for Retirement podcast is about understanding where you should pull funds from first in retirement. How much of my retirement expenses are covered by fixed income sources and how much income do I need my portfolio to generate? When it comes to pulling funds in retirement, identifying how to create the most income is important, but arguably less so than the tax implications of how those funds are withdrawn, and not just the for the first few years, but th...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:28.8	Hi, everyone, welcome to another episode of Ready for Retirement.
0:30.2	I'm your host, James Knoll.
0:33.0	And on today's episode, what we're going to be talking about is where should you pull funds from first in retirement?
0:35.1	So retirement is a huge transition.
0:37.0	You know, you go from working
0:37.7	your whole life and when you're working, you have a paycheck. And that paycheck should cover all of
0:41.7	your needs. You know, with that, you're paying for groceries, you're paying for utilities,
0:45.1	you're paying for travel, you're paying your taxes. And you have, for the most part, one fixed paycheck
0:50.0	that allows you to do all that. Well, when you retire, that's no longer the case. When you retire,
0:55.1	you have to create your own paycheck. There's not a company that's sitting in you paycheck byweekly.
0:59.4	It's completely up to you to ensure that you have enough income coming in to meet your expenses.
1:04.1	So that's going to be the topic for today's episode, is when you do retire, where should you
1:08.7	pull funds from first? Whether you have savings accounts or IRAs or 401k or just different assets, how do you
1:15.0	understand where you should pull from first to be in a position to create that paycheck for
1:18.6	yourself?
1:19.2	So what we're going to do on today's episode is we're going to walk through a framework that you
1:22.4	should walk through as you're coming up with your own retirement income plan, everything
1:26.6	from how should you approach this,
1:28.7	some general rules of thumb, all the way to some more specific strategies for those of you that
	...

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