Ed Slott, Eighty Five Percent, Hundred Percent discussed on Guarding Your Nest Egg

Automatic TRANSCRIPT

And at worst social security is only tax I say only eighty five percent that sounds like a lot but I arrays attacks the hundred percent so I'd rather have the money that's less tax more of that going into retirement parts of what he's saying I agree with. the biggest issue I have is anybody who uses the word always in any sentence unless it's scientific fact starts to bother me you know a little bit again two plus two always equals four but whether or not you should always pull money out of your IRA account before taking so security is not always the case you would have to know exactly when you're going to die to be only answer that question and and nobody knows that for sure so always I have an issue but generally it's a good idea to start spending down the money in your IRA accounts it's just one component of an overall income plan and having income plan is is a big deal because we do have to worry about taxes he mentions of security being taxed at eighty five percent although that's not always the case for some individuals is not taxed at all there are other things that we should look at which are one of the tax brackets each year how much am I going to be taxed okay I've got IRA money maybe have some raw fairy money maybe I have some a joint account something like that what's the most efficient way for your specific situation to start accessing money and then take a look at your individual situation and that's what financial planning and complaining is all about so ed slott might be right in some situations but he's not quote on quote always going to be right there so if you have questions about your specific situation give us a call will sit down do that analysis of your current plan put together an income planned for you put together a comprehensive financial plan for you and we could do it all for you complementary if you want to give us a call.

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