Congratulations! You have finally reached full retirement and you have accumulated $1 million in your retirement accounts. But do you really have $1 million?

Withdrawals from your retirement accounts, 401k, 403b, regular IRA’s, are fully taxable at ordinary income tax rates. After taxes, your $1 million may be closer to $750,000 or less.

It is important to decide which accounts to tap into first for your retirement income. Most retirees feel it is better to tap into taxable accounts first. This is, however, not always the best choice. You need to know what your tax bracket is in order to make the best choice for you. The wise decision might be to withdraw from both taxable and tax-deferred at the same time.

Please feel free to call me or send an email to nancy@financialgroup to determine what might be your best choice