Floyd, Paul Gauguin, Europe discussed on Talking Real Money with Don McDonald and Tom Cock

Automatic TRANSCRIPT

You read you you do see retirement won't deferred com and then you and social security deadly crazy portrayed you well okay let's floyd have their for one moment deferred cop you don't have to do not touch that to your seventy and a half there's one part how old are you yeah i'm shift he three now to retire at sixty two okay well i mean that money can ride into your seventy and a half you don't wanna take out so there's one way to reduce your taxes paul gauguin a second question is what is europe you're at least your estimated a cost of living when you get to retirement only nothing rush who cannot have my house paid for while they builder paid for i mean i can enable then you need a new two hundred unloved yeah you need to do some modeling around wenda take social security and when to take the pension from the state of washington in other words you can way they have to take a pension at sixty care they want me to augur but social secure thirty could wait until seventy i'm sorry you can add on so union wait until seventy on social security and if you can live on the four thousand dollars a month you don't have to judge the tax deferred or the social security oh yeah so there's two parts of that that won't be taxed for some time into the future so that'd be one that that'd be the only way i would know to to reduce your taxes and simply be sorted game when you're going to start taking those various distributions if you will okay okay but if you start there you can also of course not put money into attacks deferred instrument and the protests point four ordered aside in a taxable accountant yeah but i would think from what you said you should get it in the taxi third and let it grow tax free or tax defer jake the pension at 62 weighed on social security an anything out of the deferred cop until much later was what i would do who read shooting retaking interferred combat later i a action to that older well no not less taxes but do you don't have to pay any tax on that until you actually withdrawal the money from the account so you.

Coming up next