Are you planning to retire or already in retirement?
Do you have a strategy for how you plan to take withdrawals from your retirement assets?
-Dave Zoller, CFP®
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In this video, we’re going to look at retirement withdrawal strategies and which one could make the most sense for you. At the end of the last video I did on the Biden proposed changes and how it impacts your retirement, I talked about how we model a lot of different tax scenarios or outcomes that could play out for our clients. Right now we are at historically low tax rates and as you look at history, it seems to move in a cyclical fashion.
And, in my opinion, there are some other reasons why tax rates could be going up. But I don’t have a crystal ball so, instead, we model out a bunch of different scenarios for our clients and choose the one where they pay the least amount in taxes over their lifetime. So I want to show a visual representation so you can get an idea of the options you might have with tax planning and your ideal retirement withdrawal strategy. But first, I’m dave zoller, and I run a retirement planning firm with my business partner Tim. and if you’re thinking about your retirement, I put a few helpful resources in the description below so be sure to check those out. So as we get into this visual example here are few assumptions.
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Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA….(read more)
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It's my third month being retired now. And life hasn't been so difficult as I thought basically because I put my head down and made ways for other source of Income. I'm a huge fan of earning more money, and I think everyone should have a side hustle. Side hustling can allow you to earn that little bit of extra money that can help you achieve your financial goals faster – whether it's paying off student loans or saving for retirement.
Anyone who extrapolates the future out to 7 figures is making it up.
Would you chat a bit about the taxes in more detail? What are the tax rates in your scenarios and why? Thank you. I am enjoying your discussions.
I'm just skittish about Roth IRA's as Uncle Sam is already extremely in debt with continued forecasted trillion dollar deficits as far as the eye can see. So congress could later claim Roth IRA's are a form of "tax breaks for the rich" and in turn change the tax code so some or all of Roth IRA withdrawals start to become taxable.
Good content but no visuals is boring
Why would you take money from a traditional 401k, get taxed on it and then put what’s left into a Roth IRA and get taxed on it AGAIN??
You’re paying NO taxes past age 70? That means you’ve converted all IRAs into a Roth? But you’d most likely still have a regular brokerage account(s) and Soc. Sec.?
Is 30% a safe number to estimate taxes (federal and Virginia) I want to overcompensate for planning. I will be in the 22% tax bracket in retirement.
If you have a 401K with your employer and you’re full retirement age, can you pull “all” of your money from your 401K?
Just found your site and I appreciate it so much. You give very helpful information in a very straightforward way that is easy to understand. Thank you.
Hi Dave which Financial Planning Software are you using in this example?
Which account are they taking that money from? You can’t withdraw from an IRA without penalty until you are 59.5 yrs old. If they are taking RMDs at 72, there are taxes on that unless you are saying that they were able to completely Roth convert before then?
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Thank you!
You can have additional investment income when you pay less tax today. Also,the future money worth less than today's money
I will be taking a 50 k pay cut next year. Due to moving and will be converting 600 k from traditional to Roth, wish me luck.
Thank you for the examples! Your efforts are much appreciated.
Thanks for the straight and direct video. I will research further to evaluate my situation.
425k could pay the cost of a good fee-only advisor? I would hope so
Been thinking about best withdrawal strategies for me in about 6 years.. this vid especially the part about Roth conversions is great food for thought thanks!!
Wish I could see your presentation