Life is busy and it may be difficult to prepare for tomorrow while you’re focusing on what you need today. Conventional wisdom suggests withdrawing from taxable accounts first, then tax-deferred, and finally from tax-free accounts. How and when you choose to withdraw from various accounts in retirement can impact your taxes in different ways.
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When you are deciding where to save each year, you have the choice (depending on your eligibility) of saving to an IRA or saving to a taxable account. Explore which option might be best for your personal needs with this calculator.
If you receive an early distribution of your retirement plan funds, you have to make some important decisions about what to do with your money. Income-tax considerations may play a large role in this process. Read the article to learn more.
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