Retirement Withdrawal Strategy - Which Account to Pull From First

Which account should you take your money from first when you retire? That’s a question we get all the time when meeting with new people, and depending on what you do, it could potentially either save you or cost you thousands of dollars in retirement income and taxes.
Let’s talk about the different strategies you can use to determine which accounts to pull money from first and how to keep your taxes down as you do so. Our goal is to help you keep as much of your own money as possible in retirement and this discussion could go a long way towards helping you achieve that.
Here's what we cover in this financial video:
0:00 - Intro
0:39 - The 3 tax buckets you need to understand first
4:25 - 3 common approaches people use to withdraw money
6:37 - The more strategic approach we often use
7:17 - Why we look at where you should pull from last
8:30 - Using tax cylinders to get you to a certain tax bracket
10:37 - Trying to keep your taxes as low as possible early on
13:30 - A story from a recent client (a hypothetical example)
Get Your Free Guide to Unlock Hidden Tax Savings Opportunities: lifemoneyshow.com/taxes/
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[@daveschmarder-1950]

Web addresses use a forward slash not a backslash. This is a good video. I'm using these procedures even though I am in RMD land. Fortunately I stopped adding to my IRA when the Roth was introduced in 1998. But I have a friend who is IRA heavy and just entering retirement. I'm trying to exclaim how important this is.

[@lakedays3708]

Bravo Bingo!! Excellent video. I retired 4 years ago and had to figure the IRA to Roth conversion strategy out by myself thru a ton of research. Your video would have saved me a lot of time and would have answered a ton of questions. The stuff your talking about nobody tells you… You just told us! So thanks again. 💯👍💪

[@MC-gj8fg]

While paying tax now, when rates are likely to be lower and pulling the money out tax free when it's likely to be higher may sound appealing, I do wonder about whether playing the odds on future tax rates is worth the guaranteed opportunity cost derived from paying tax now.

[@FURDOG1961]

Great video.

[@JaniceHylton]

Thank you for this excellent video.
I don't like the idea of delaying social security because tomorrow is not promised.
As soon as my husband can get his social security my plan is for him to take it.
And his 401K and roll that over into ROTH.
401K and Roth will always be there.
But his Social security will not be tjer FOR HIM, if he passes.

[@oteu3422]

What if your retirement you don’t need to withdraw from your taxable account, but you now turn 73 years old. Do you skip the taxable account withdraw and just withdraw from the tax deferred?

[@timjohnson8532]

Why are saving the free until taxes are higher? Tax free is tax free?

[@lalew2]

you let the tax free keep growing since there are no RMDs for ROTH.

[@annettedemary3062]

Taxes always go up