Did you know there’s a certain strategic order to follow when withdrawing money from retirement accounts and other investments? Taking the right steps at the right time can make a significant different in your finances as you get older.
Kiplinger and SmartAsset.com offer some great suggestions for seniors who may be looking at tapping into their savings — in addition to encouraging seniors to find and use a qualified financial advisor.
Among the suggestions they have:
- Look at investment income first
- Hold off on claiming Social Security benefits
- Delay withdrawing from 401K and IRA
- Don’t tap into your Roth too soon
Check out their article which explains each of their suggestions above.
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