Best Way to Withdraw From Your Retirement Accounts

Please Read or Unsubscribe   Sponsored content keeps our newsletter free. We do not endorse all advertisers. SPONSORED The Best Way to Withdraw from Your Retirement Accounts 5 tips to help optimize your savings Withdrawing from your retirement accounts in the right order could help save you years-worth of income in unnecessary taxes. The wrong order could potentially eat into your retirement nest egg. Work to maximize your savings with these 5 tips to withdraw wisely. 1. Start With Your Investment Income Withdrawing from your investments first gives your retirement accounts more time to compound interest. If you dive straight into your 401(k) or IRA, you could cost yourself years worth of income in retirement savings. 2. Don't Automatically Claim Social Security Benefits at 62 If you want your maximum Social Security benefits, you'll need to work until your "full retirement" age. But benefits at age 62, 66 or 67 are not your maximum benefits. The maximum Social Security retirement benefit kicks in at age 70. If you claim before, you're not getting your full entitlement. 3. Delay Withdrawing From Your 401(k) and IRA Until RMDs Kick In You can start withdrawing money from your 401(k) when you turn 59 1/2, but that doesn't mean it's a good idea. The law doesn't require you to start taking Required Minimum Distributions until you turn 72, so this is time your money can keep growing with compound interest. 4. Don't Tap into Your Roth Before Exhausting Other Options Put off withdrawing money from your Roth IRA as long as possible. You paid taxes up front so you can take money out of your Roth IRA and it won't count as taxable income. Your Roth IRA also will continue to grow tax-free as you tap into your other accounts. 5. Speak with A Financial Advisor to Find the Best Way to Plan Withdrawals Determining the optimal sequence to withdraw money from your retirement accounts is different for everyone, so we recommend speaking with a financial advisor. Chances are, there are several highly qualified financial advisors in your town. However, it can seem daunting to choose one. SmartAsset's no-cost tool makes it easy to find a qualified advisor. Answer a few questions to get matched with up to 3 financial advisors serving your area, each legally bound to work in your best interest. It's never too late to work towards financial freedom. Get your financial advisor matches today » Try SmartAsset's Financial Advisor Matching Tool Get retirement ready. Take this no-cost quiz to get matched with up to 3 vetted financial advisors serving your area. Get Started SPONSORED BY SMARTASSET This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset's services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user's account by an Adviser or provide advice regarding specific investments. 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