How Does Withdrawal From Different Types Of Retirement Accounts Effect Your Tax Rate?
In this episode of After The Paycheck, Ryan and Adam discuss:
- Three Ways That Retirement Accounts Are Viewed From A Tax Standpoint
- How Your Retirement Income Withdrawal Plan Can Effect Your Social Security Benefits
- The Difference Between Effective Tax Rate and Marginal Tax Rate
- Options You May Have Before Retiring That Could Help Lower Your Tax Rate In Retirement
2019 Tax Table:
Action Steps -
- Use Our Monthly Budget Planner To Find Out Your Monthly Income Needs
- Multiple that by 12 to calculate your annual withdrawal needs, and find out where you initially fall in the 2019 tax bracket
- Determine if your Social Security income would be taxed (and at what rate), and if that may effect your retirement longevity and lifestyle expectations.
- Speak with a tax professional to discuss your unique situation before taking any action!
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Topics: Retirement Planning, tax-deferred accounts, 401(k)