How Can You Make the Most of Your IRA Nest Egg?

September 5, 2022
What's the best way to shift your mindset when it's time to withdraw from your IRA?

Listen on Apple Podcasts, Google Podcasts, Spotify or copy to your RSS reader.

Transcript Open new window

After you listen

When you spend your working life saving and investing, it can be a little scary when it comes time to shift your mindset and start withdrawing from those accounts. Whether you have a 401(k) or an IRA, what strategies can help you make the most of your retirement nest egg?

In this episode, Mark Riepe speaks with Daniel Stein. Daniel is a vice president and branch manager for Schwab in Bethesda, Maryland. He's a CERTIFIED FINANCIAL PLANNER™ professional and a Chartered Financial Analyst.

A few of the issues Mark and Daniel discuss include:

  • What investors can do if they haven't yet retired and can still take advantage of higher contribution limits on tax-deferred accounts;
  • The importance of coordinating accounts between spouses;
  • How hard it can be to get a accurate assessment as to how much money you'll be spending;
  • Required minimum distributions, and many other topics.

Follow Financial Decoder for free on Apple Podcasts or wherever you listen.

Financial Decoder is an original podcast from Charles Schwab.

If you enjoy the show, please leave us a rating or review on Apple Podcasts.

 

How much will you need to retire?

3 Strategies for Reducing Roth IRA Conversion Taxes

How to make the most of a Roth IRA conversion.

What Can You Do If Your Retirement Plan Gets Off Track?

Some people start to take unnecessary risks when their portfolio gets off track. What are other options?

Changing Jobs: Should You Roll Over Your 401(k)?

Consider these five strategies for handling an old 401(k).

Important Disclosures

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

This information does not constitute and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, or investment manager.

Investing involves risk including loss of principal.

Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Roth IRA earnings can be withdrawn tax-free after age 59½, if you've held the account for at least five years. If you take a distribution of Roth IRA earnings before you reach age 59½ and before the account is five years old, the earnings may be subject to taxes and a 10% federal tax penalty.

Traditional IRA withdrawals are subject to ordinary income tax and prior to age 59 1/2 may be subject to a 10% federal tax penalty.

Any corporate name mentioned is for illustrative purposes only and is not a recommendation, endorsement, offer to sell, or a solicitation of an offer to buy any security.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Fixed income securities are subject to increased loss of principal during periods of rising interest rates. Fixed income investments are subject to various other risks including changes in credit quality, market valuations, liquidity, prepayments, early redemption, corporate events, tax ramifications and other factors.

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

0922-21P2