You’ve been contributing to an IRA or 401K for years maybe even decades! Putting money into these accounts is easy but withdrawing this money in retirement is complicated. You haven’t paid a dime in taxes on this money yet, and Uncle Sam wants his cut as soon as you start taking withdrawals. If you don’t have a withdrawal strategy, you could make a critical mistake that could end up costing you a fortune.
In this episode, we share 5 common mistakes retirees make with their IRA and 401K, here are the first three:
- Not having a withdrawal strategy for your IRA/401K.
- Not preparing for higher taxes tomorrow and future years.
- Not having a plan for Required Minimum Distributions (RMDs).
Host Ben Christy interviews Beacon Capital Management’s Senior Partner and Co-Owner, Pete Benson, and CEO and Co-Owner Jon Maxson, for this episode of the Beacon Retirement Strategies Radio Show: 5 Common Mistakes with Your IRA and 401K That Could Leave You with a Fraction of Your Retirement Savings