Episode Details

Scott and James discuss the tax implications of withdrawing income from various accounts in retirement.

Listener Question:

Can you talk about how some of the main retirement accounts are taxed upon withdrawal? 

Example topic: Are withdrawals just subject to Federal taxes, or FICA taxes as well? And how / if withdrawing from retirement accounts affects eligibility / taxes you have to pay on social security? 

Can you talk about how after tax brokerage accounts are taxed both while investing and when you start to withdraw? And what withdrawals from that look like when you are retired (whether or not you are at ‘retirement age’ or not).

Planning Points Discussed

• Utilizing Time Efficiently
• Capital Appreciation
• Purchasing Power
• Other issues (IRAs, Inflation, Financial Goals, etc.)

Timestamps:

2:30 - Introduction

6:17 - Accounts Aren't Equal

11:15 - Tax Overview

14:46 - Maximizing Your Finances

16:05 - Aligning Your Financial Goals

LET'S CONNECT!

James

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Scott

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