Retirement Income Strategies: IRA vs. Brokerage Withdrawals (The Tax-Smart Choice for Retirees)
- Retirement Income Strategies: IRA vs. Brokerage Withdrawals (The Tax-Smart Choice for Retirees) James Conole, CFP® 33:01
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 conversions, tax gain harvesting, and charitable giving.
Questions answered:
What are the tax implications of giving to family members versus charities?
How should capital gains affect my withdrawal and tax strategy?
Timestamps:
0:00 – Mark’s question
3:12 – Pros of pulling from IRA
7:24 – Lower tax rate today
9:27 – Cons of pulling from IRA first
11:38 – Charitable giving
13:58 – Pros of brokerage pulls
18:40 – Other potential pros
21:39 – Cons of pulling from brokerage
26:03 – Things to consider
30:50 – Wrapping up
Create Your Custom Strategy ⬇️
