Taxable account, IRA, or Roth—where should retirement withdrawals come from first? Joseph Hardeman and Deanne Rosso explain why there isn’t one perfect order for everyone, and how a tax-smart approach can help keep income steady and avoid unwanted tax surprises.Want a personalized withdrawal strategy? Visit elevate-wealth.com and click Let’s Talk.🔗 Website: https://elevate-wealth.com🔗 Facebook: / elevatewealthadvisory 🔗 Instagram: / elevatewealthadvisory Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!#RetirementIncome #TaxPlanning #RothIRA #Investing #ElevateWealthAdvisory

When you retire, which account should you pull from first, taxable, IRA, or Roth? We're talking about it today on Elevate Wealth. Hi everyone, I'm Joseph Hardeman with Elevate Wealth Advisory, and I'm here today with our president and CEO, Deanne Rosso. Deanne, thank you for joining us. I'm happy to be here, Joseph. This question comes up constantly. Deanne, do you assume there's one right account for people to spend first in retirement? You know, people do assume that, they do. They think that there's one right account that they shouldn't withdraw from first. And you know, most retirees have different types of accounts. And the type of account that you pull from affects lots of things. It affects your taxes now. It affects your Required Minimum Distributions later. So there's lots of different decision points, if you will, that go into which type of account you should pull from first. So what's the simple answer? The simple answer is: it depends. like, as is the answer to every simple question. It depends. But we often use a blended approach. And what I mean by that is maybe the way that we're taking withdrawals is from different types of accounts simultaneously. And a lot of times, we do that just simply for tax purposes. You know, one account you take from is fully taxable. Another account type, like a Roth, may not be taxable at all. And then you have an account that only part of it, like capital gains, are taxed. So, a lot of times that the simple answer is not so simple, but it's just deciding which types of those accounts work together to get you the best tax outcome. And what would you say is a common mistake people make when they try to do this on their own? Oh, that's a really great question. You know, I think it's just not understanding what the taxation is of certain account types. So, for example, I've had clients before that wanted to buy a new car. So, they took a sizable withdrawal out of their IRA to buy a car in cash and not understanding that those dollars were fully taxable at ordinary income rates. So, not only did they owe tax on the withdrawal, but it also because they had taken such a large withdrawal, it pushed them into a higher tax bracket the next year. So, or or that year. And so I think that sometimes that's a mistake that people make is just not realizing the tax consequences of withdrawals. So when you're going into building a plan, what would you say is the first thing you really look for? Well, the first thing I'm looking for is, you know, what income do they need? What income do you need to live on? And then what income do you need maybe for the extras like in that example for buying a car? And then we're going to decide, okay, you know, here are your income sources. Here's what you have available to you. Here's how each of those are taxed. And how can we put those together in a way that's most efficient for you and your personal situation? It's all helpful information, something really everyone should consider. If you want help building your best tax withdrawal plan, visit us at elevate-wealth.com and click let's talk. We'll see you next time.

Should you take Social Security early because everyone else is doing it—or consider waiting? Aspen Townley and Deanne Rosso discuss why the best choice depends on your full income plan, including monthly benefit amounts, spouse considerations, cash flow needs, and taxes.Want help comparing your options side by side? Visit elevate-wealth.com and click Let’s Talk.🔗 Website: https://elevate-wealth.com🔗 Facebook: / elevatewealthadvisory 🔗 Instagram: / elevatewealthadvisory Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!#socialsecurity #RetirementPlanning #RetirementIncome #TaxPlanning #ElevateWealthAdvisory

Your friends say take the Social Security early, but your adviser says maybe wait. Who's right? Let's talk about that today on Elevate Wealth. Welcome back. I'm Aspen Townley here with Elevate Wealth. Today I'm sitting here with Deanne Rosso, our president and CEO. Deanne, I'm glad you're back. Always happy to be here. So, I have to ask, do you ever hear this exact line from clients? "My friends tell me to take my Social Security as early as possible, but you're telling me to wait." All the time. We hear that all the time and we do advise clients differently based on their life situation. So we hear all the time, "well I went to lunch with my friends and everyone else is taking social security now" or "they're telling me I should take it early." But it really that choice really depends on your own personal life scenario. So yes, to answer your question, we hear that a lot. Makes sense. So why would waiting ever be the move? Well, oftentimes, waiting increases the benefit that you're going to get. And also when you are married, have a spouse or when you're divorced, or when you are widowed or widowered, there are lots of different options that are available with Social Security. So the important thing is that you analyze it for your own situation because what you're doing and your family and your life is different than, you know, your best friend or your friends at lunch. And so it's very very important that your own benefit is analyzed and in context with the rest of your retirement plan, as well. Okay. What is one thing that you wish people would take a look at before they decide? Just doing some side-by-side comparisons of what they would actually get over their lifetime by taking it early, versus delaying that decision and waiting versus maybe even delaying all the way until the maximum age of 70 for themselves, and if they're married, as a couple, because it's really the lifetime benefit that matters, not what matters as far as what you get today. Ah, that makes sense. Thank you, Deanne, for your insight. If you want help reviewing your Social Security choices, visit elevate-welp.com and click let's talk. See you soon.

Retirement is more than hitting a savings number—it’s about creating a paycheck. Aspen Townley sits down with Deanne Rosso to talk about the “I wish I’d known this sooner” moments, including how taxes, timing, and income decisions can shape your retirement.If you’re getting close to retirement and want help mapping this out, visit elevate-wealth.com and click "Let’s Talk."🔗 Website: https://elevate-wealth.com🔗 Facebook: / elevatewealthadvisory 🔗 Instagram: / elevatewealthadvisory Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!#RetirementPlanning #RetirementIncome #TaxPlanning #FinancialPlanning #ElevateWealthAdvisory

What do people wish they knew before they retired? Let's talk about it today on Elevate Wealth. Hi everyone, I'm Aspen Townley with Elevate Wealth Advisory. I'm sitting down today with Deanne, our president and CEO. Deanne, thank you for joining us. I'm happy to be here, Aspen. Okay, so this topic comes up all the time. Deanne, do you ever hear clients say, "I wish I would have known that sooner when they're getting ready to retire." All the time. There are so many things that go into the retirement decision. And then, you know, a couple years down the road, people will look back and say, "Oh, I wish I had known this. I wish I had known that." And so, it is part of our job to help bring those things up and think about what are the things that you need to be prepared for when you're thinking about retirement. Ah, gotcha. So, what's the most common "I didn't know that" moment? Oh, that's a great question. You know, I think when you have worked a whole career and you've built up all of these savings, you understand that you have this nest egg for retirement, but sometimes you don't understand how that translates into how you actually get a paycheck in retirement. And so thinking through all of your income sources, where do those paychecks come from, taxes associated with it, timing, all of those kinds of things, I think are probably a top-of- mind decision for pre-retirees. Makes sense. So, if someone was a year or two out from retirement, what is the first conversation you'd want to have with them? Yeah. I want to think about, you know, how much income do you need? What do you need to live on in retirement? What do your expenses look like now and in the future? You're talking about, you know, the next half of your life's journey. And so, we want to think about how do we pull that paycheck? And we want to think about, you know, also things like what benefits do you get from your employer now that you're going to need to replace on your own in retirement, like health care, for example. So, I think there's lots of little decisions that add up to the big overall retirement picture, and we want to have those conversations heading into retirement. That's such a good point. Thank you, Deanne. If you're getting close to retirement and want help mapping this out, visit elevate-wealth.com and click let's talk. See you soon.