MetLife RP Withdrawal 2016-2024 free printable template
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Everyone bills lets been here for money evolution calm in today's video I'm going to be talking about three big retirement plan withdrawal mistakes so if you're planning for retirement you're going to be looking at how you can make a transition from what we call the retirement accumulation phase when you've been saving and investing money for your retirement into the retirement withdrawal phase now you're going to take some of that money that you saved, and you're gonna start distributing that money back to you start taking some withdrawals, so there's actually three big mistakes that we see all the time here and hopefully this video will help you avoid some of these mistakes so mistake number one is probably the most common one that we see all the time and its waiting too long to begin taking withdrawals and this mistake can actually compound into a couple of other little mistakes that actually can cost you a lot of money so one of the things for example that we see all the time is people will oftentimes begin taking their Social Security benefits as early as they can at age 62 and not only does this prevent them from getting a bigger Social Security check and kind of maximizing that, but it also oftentimes means that they're delaying taking their retirement plan withdrawals and what that does be it compounds itself down the road because as many of you probably know at seven and a half the IRS is going to mandate that you're going to start taking some withdrawals from those retirement accounts it's called the required minimum distribution rules and what that might do is it might push you up into a higher tax bracket at that time and on top of that as I think most of you probably know not only would you pay more taxes there, but it can also affect your Medicare premiums as well because your Medicare premiums are also tied to the level of income that you make so the more money you make the more you pay for Medicare one of the things that we look for though as a way to kind of get around this mistake is we want to really map out some of those cash flows and one of the things that we identify is that sometimes maybe taking some retirement plan withdrawals early on in retirement can take advantage of what we call low tax years so if you're waiting to take Social Security for example or maybe your pension doesn't kick in right away you might have a couple of years maybe several years early on in retirement where you're in a very low tax bracket so by taking some of those retirement plan withdrawals early can take advantage of those low tax years and also at the same time help you get maybe a bigger social security check down the road and also take some pressure off of some of those required minimum distributions maybe some of those won't be so high and pushing you up into those higher tax brackets we can also look at maybe doing some Roth conversions too as a way to again take advantage of some of those low tax years number two is going to be taking...
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