Retirement Income Strategies: IRA vs. Brokerage Withdrawals (The Tax-Smart Choice for Retirees)

Ready For Retirement

James Conole, CFP®

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

5 • 706 Ratings

🗓️ 25 June 2024

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mark asks a common question – What should I do regarding my withdrawal strategy? Should I first pull from my brokerage account or my IRA? There is no one-size-fits-all answer, but James provides a framework for creating a strategy to increase your odds of getting the most out of your money saved. He walks through the pros and cons of first pulling from your IRA versus a brokerage account, taking into consideration required distributions, tax rates and strategies, capital gains, Roth co...

Transcript

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0:00.0	Let's imagine you just retired. First of all, congratulations. But secondly, how are you going to
0:06.1	begin drawing down your nest egg? Let's further assume that part of your nest egg is a brokerage
0:10.6	account. Maybe there's some stock with large unrealized gains. And the other part of your portfolio
0:14.6	is your traditional IRA or your 401k. How on earth are you supposed to decide what you should
0:19.9	pull from your brokerage account versus what you should pull from your brokerage account versus
0:21.4	what you should pull from your 401k or IRA?
0:24.3	That's exactly what we're going to discuss on today's episode of Ready for Retirement.
0:28.1	We're going to talk about everything from required minimum distributions and how that should
0:31.4	play a role in your decision-making process, as well as tax gain harvesting and some of the other
0:35.7	risks involved with the wrong withdrawal mistakes.
0:40.0	This is another episode of Ready for Retirement.
0:42.7	I'm your host, James Cannell, and I'm here to teach you how to get the most of the life with your money.
0:46.9	And now, on to the episode.
0:50.7	All this is based upon a listener question.
0:52.6	This question comes from Mark.
0:54.0	Mark says the following.
0:55.5	Hi, James.
0:55.9	I very much enjoy listening to your podcast and your videos.
0:58.7	I have a question that I have not heard addressed before.
1:00.9	My wife and I, we are 65 and 62, both just retired.
1:05.1	We have a single stock in our brokerage account that has $300,000 of capital gains.
1:09.0	It makes up close to 10% of our total portfolio.
	...

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