Which Retirement Accounts Should You Withdraw From First? omslagsbild

Which Retirement Accounts Should You Withdraw From First?

Which Retirement Accounts Should You Withdraw From First?

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Which retirement accounts should you withdraw from first? After decades of saving, investing, and building wealth, knowing when and how to start spending your money can be one of the hardest parts of retirement. For successful healthcare practice owners, the challenge is especially important. Your wealth may be spread across 401(k)s, IRAs, Roth accounts, brokerage investments, real estate, annuities, life insurance, and the proceeds from selling your practice. So where should your retirement income actually come from? In this episode of the Financial Beast Podcast, Eric Miller and Eric Gersch break down how they approach retirement income planning, which assets they generally consider using first, and how to create income while protecting your long-term financial security. In this episode, you'll learn: • Why transitioning from saving to spending is so difficult • Why your net worth doesn't necessarily have to decline in retirement • Which retirement accounts to consider withdrawing from first • Why traditional IRAs and 401(k)s can create tax challenges • How required minimum distributions (RMDs) affect retirement planning • When Roth IRAs can provide tax flexibility • How annuities and certain life insurance policies can provide lifetime income • Why guaranteed income can reduce retirement anxiety • How brokerage accounts can supplement retirement income • How Social Security and rental income fit into the plan • Why the timing of withdrawals matters for taxes • How part-time work can reduce pressure on your investments • How to enjoy retirement while still planning for your family's future The goal isn't simply to accumulate the largest possible retirement account. It's to build a retirement income strategy that allows you to enjoy the wealth you've created while maintaining financial security. If you're a veterinarian, physical therapist, dentist, optometrist, chiropractor, or other healthcare practice owner approaching retirement or preparing to sell your practice, this conversation will help you understand the decisions ahead. Subscribe to the Financial Beast Podcast for practical financial strategies, practice growth advice, retirement planning, exit planning, and wealth-building guidance for healthcare practice owners. CHAPTERS 00:00 When Should You Start Spending Retirement Savings? 01:43 Why Retirement Income Planning Matters 03:38 The Fear of Spending Your Retirement Savings 05:20 Can Your Net Worth Keep Growing in Retirement? 07:15 When to Withdraw From 401(k)s and IRAs 08:35 Required Minimum Distributions Explained 09:19 How Roth IRAs Fit Into Retirement Income 10:02 Which Retirement Income Sources to Use First 10:49 Annuities and Life Insurance Income Explained 12:48 How Guaranteed Retirement Income Works 14:57 Why Guaranteed Income Reduces Retirement Stress 17:10 Using Brokerage Accounts in Retirement 18:32 When Should You Claim Social Security? 20:20 Combining Multiple Retirement Income Sources 21:30 Tax-Efficient Brokerage Account Withdrawals 22:25 Working Part-Time During Retirement 24:24 Enjoying Retirement on Your Own Terms _________________________________________________________________________________ Want to schedule a free consultation? Visit www.econologics.com or call us at (727) 588-1540 or schedule directly at: https://econologicsfinancialadvisors.com/complimentary-consultation/ Get Social With Us Website: https://www.econologicsfinancialadvisors.com LinkedIn: https://www.linkedin.com/company/econologics Facebook: https://www.facebook.com/econologicsfinancial Instagram: https://www.instagram.com/econologicsfinancialadvisors X / Twitter: https://x.com/FinancialBeasts Vimeo: https://vimeo.com/econologics 🔒 Disclaimer Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) EFA provides investment advisory services only in states where it is permitted to do so under state laws and only to the extent permitted thereby. This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant. Results are not guaranteed and will vary depending on the specific circumstances of each individual and on other factors. Full disclosure: https://econologicsfinancialadvisors.com/legal-disclosures/
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