How to Spitball Your Most Tax-Efficient Retirement Withdrawal Strategy - 336

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 27 July 2021

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Spitballing tax-efficient retirement withdrawals, savings, Social Security, and required minimum distributions (RMD). Plus, leveraging whole life insurance, and is investing 15% of an all-stock portfolio in preferred stocks too risky? First, Joe and Big Al break down the mechanics and safety of doing a 401(k) to IRA rollover. Visit the podcast show notes to access the transcript, free financial resources, and to ask your money questions: https://bit.ly/YMYW-336

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 336, Joe and Big Al spitball a tax-efficient retirement
0:06.1	withdrawal strategy for Lori in Illinois, complete with sound effects, and they spitball a saving
0:11.5	and retirement strategy for Braddon, California, and a Social Security and required minimum
0:16.0	distribution strategy for Anne in New York. Plus, how can Sharon in Waukishaw leverage her whole life insurance policy?
0:23.3	And is Edward in Illinois taking too much risk with his investments in preferred stocks?
0:28.5	Oh, and Joe's added something new to the list when you ride in and tell us about your cars and pets.
0:33.3	Three guesses what it is and the first two don't count.
0:35.8	But first, Jerry calls YMIW to learn about
0:38.8	the mechanics and safety of doing a 401k to IRA rollover. Visit Your Money, Your Wealth.com,
0:45.6	and click Ask Joe and Big Al on air to send in your questions as an email or a voice message.
0:51.2	And remember, those voice messages get first priority. I'm producer Andy Last,
0:55.2	and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine's CPA.
1:02.0	All right. Let's get to Jerry.
1:04.2	Yes, my name is Jerry. My question is I'm 72 years old. I only have about $67, $66,000 in my 401k. I'm not sure what to do with it. I'm going to need some of it cash, but I was going to roll it over an IRA and I just wondered, how do I know which IRA to roll it over to? Is a bank safe or should I roll it over into some other type of IRA?
1:29.3	And will it hurt me to take out a certain amount of cash before in the 401 or after I rolled over an IRA if I was going to take out some cash?
1:39.3	Thanks.
1:40.3	Great question, Jerry. So when any dollar that you take out of a 401k or IRA, so he wants a 401k rollover, put it into an IRA.
1:50.9	He's got about 70 grand, and he wants to take a little cash out.
1:55.3	Right.
1:55.6	So, yes, you can have access to 100% of the money, but just understand it's fully taxable.
2:02.3	Yeah. And so you can get cash out before you roll or after. It doesn't really matter. It's the same tax either way.
2:07.5	Like let's say out the $70,000, Jerry, you take out $5,000, then $5,000 gets added to your tax return as additional income.
	...

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