If you’re like many Americans, you’ve been setting aside money for your retirement. Now that you’re nearing retirement age, it may soon be time to start drawing money from your qualified retirement plans. Withdrawing money from a retirement plan is called “taking a distribution,” and there are a variety of ways to do it. We’re going to review several approaches….(read more)

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Retirement accounts are a great way to save for your future and ensure that you will have enough money to live comfortably when you retire. However, it can be difficult to know which retirement accounts to take advantage of first. Here are some tips to help you decide which retirement accounts to take first.

1. Start with an Employer-Sponsored retirement account: If your employer offers a retirement plan such as a 401(k) or 403(b), start there. These accounts are easy to set up and typically offer a matching contribution from your employer, which can help you save more money faster.

2. Consider a Traditional IRA: Traditional IRAs are tax-deferred retirement accounts that allow you to save up to $6,000 per year. The money you contribute is tax-deductible, and the money you earn on your investments is not taxed until you withdraw it.

3. Look into a Roth IRA: A Roth IRA is similar to a traditional IRA, but the money you contribute is not tax-deductible. However, the money you earn on your investments is tax-free when you withdraw it.

4. Think about a Health Savings Account: If you have a high-deductible health plan, you may be able to open a Health Savings Account (HSA). An HSA is a tax-advantaged account that allows you to save for medical expenses. The money you contribute is tax-deductible, and the money you earn on your investments is tax-free when you withdraw it.

5. Consider a SEP IRA: A SEP IRA is an employer-sponsored retirement plan that allows you to save up to $57,000 per year. The money you contribute is tax-deductible, and the money you earn on your investments is not taxed until you withdraw it.

No matter which retirement accounts you choose, it’s important to start saving for your future as soon as possible. The earlier you start, the more money you’ll have when it’s time to retire.