retirementplans: Thinking of Pulling Money Out of a Retirement Account?
- 08/12/19 10:15 AM
Clients often ask about whether it makes sense to pull money out of a retirement account to purchase a home or pay for large expenses. Here’s the inside scoop: Note: visit the IRS web site for info on any of these items and check with a CPA for details about how these general rules apply in your specific situation. Conventional IRA When you take money out of a conventional IRA, you’ll generally need to pay income taxes on the funds. For example, assume you want to withdraw $50,000 out of your conventional IRA and your income tax bracket is 22%. You would be … (1 comments)
retirementplans: 3 Questions to Ask Yourself for a Happier Retirement
- 09/17/18 09:11 AM
#1: What does retirement mean to me? Many people think of retirement as a time in your life where you can work if you want to, but not because you have to. In other words, how would you feel if you could work for fun and/or pursue your passions without worrying about money? This requires financial independence, or having enough money to: Cover your needs and basic wants After taxes After inflation For some period of time (usually you and your beloved's lifetime) The amount of money necessary for financial independence is called "Critical Capital". This is a pile of … (2 comments)
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