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Retirement
Safer Ways to Withdraw Retirement Savings When Needed
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[QUOTE="King bell, post: 331965, member: 75687"] When you take money from a retirement account, you may have to pay a penalty and income tax. To avoid this, follow the IRS guidelines. It is also important to establish an emergency fund which could be used in case of sudden financial needs. For instance, there are qualified hardship withdrawals that could be taken out of retirement savings without penalties or additional taxes. If you want to convert a traditional 401(k) to a Roth IRA, ask your employer if it is possible. You can also set up systematic withdrawals. Furthermore, if you delay social security benefits, it will increase them later on Even in retirement, work part-time or establish home equity for your income for example by downsizing. Homeowners should consider these as sources of funds before considering other options like liquidation non-retirement investments such as stock and bond portfolios or rental property or vacation homes since such assets have large appreciation values but they can only produce small returns in future when it is sold off since they do not generate any income currently in other words, those with health insurance coverage may use health savings accounts (HSAs) for their medical expenses while at the same time those without coverage may consider it as a way of meeting the expenses incurred on healthcare In-service withdrawals are another option that some employers allow for those aged over sixty years old thus there are two main types of in-service withdrawals: age-based and service-based Therefore, someone must get some professional advice concerning the kind of method when withdrawing one’s retirement plan so as to choose wisely and reduce one’s tax burden. It is important then to consult with a financial advisor, preferably one who specializes in taxes when deciding on your strategy as this can make a big difference to your final result when making a withdrawal. The unvested balance would remain in the plan until you retire or leave philanthropic employment However, early withdrawal from accounts earmarked for retirement planning can be very costly; therefore planning must be done beforehand Also, consider working part-time in your retirement years to supplement their income or unlock home equity without touching your retirement accounts. To get the best results out of these withdrawals, it is recommended that one consults a tax professional or a financial advisor before embarking on this process. [/QUOTE]
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