There are 3 big retirement withdrawal mistakes we see retirees make. So in today's video, I want to share those with you and let you know how to avoid them.
-Dave Zoller, CFP®

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Making these mistakes can lead to unnecessary worry about the success of your plan. The good news is that anyone can avoid these and it doesn't take much extra work. Just being aware is the first step. but first, welcome back, and if I haven't met you yet, I'm Dave Zoller, co-owner of Streamline Financial, and I put a link to the DIY Retirement Plan below if you're interested in creating your own plan without an advisor, so look for that below if interested
So as you start planning for retirement you're making a big transition from the savings stage to the withdrawing stage. and that alone is a big adjustment. Believe it or not, it can be hard to get used to starting to withdraw money after 30 or 40 years of saving. Anyways here's the first big mistake we retirees make when planning withdrawals.
Number 1 is they follow a "Rule of Thumb" assumption. The common one you've heard of is the 4% rule. Now, this can be a good way to easily get an idea of what's reasonable or sustainable for how much to withdraw. But it's not the best way to plan your withdrawal strategy. There's a couple reason for this. One reason is that if you look at your retirement as one big nest egg and assume 4 % is coming out, if there a few bad market years right when you retire. That $ amount that was 4% could actually be quite a bit higher if the value of your accounts drops. Now the 4% rule says that it's supposed to account for market fluctuations, but we've seen retirees who were planning to retire based on the 4% rule decide to work 1-2 years longer because of the worry that. This is actually related to mistake #3, which I'll get to soon.
Number 2 is waiting too long to start withdrawals Like I said, it's common for people to believe that they should use their non-retirement and SS before their pre-tax money. And I understand if you've got tax-deferred money, so why not let that grow without paying tax right now? The issue with this is that you could be setting yourself up paying more taxes over your lifetime.
When we model this for clients, depending on how much they have in IRAs/pre-tax monies, many of them are actually moving to higher tax brackets in their 70s because of required minimum distributions.
It doesn't seem right, but because of the RMD amount going up as you get older, the amount people have to withdraw starts s sooting them up to higher brackets. And how much they pay in medicare premiums also can go up because of the higher taxable income due to higher RMDs.

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Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Streamline Financial Services, LLC or its members cannot be held liable for any use or misuse of this content.
Disclosures: Securities offered through LaSalle St. Securities LLC (LSS), member FINRA/SIPC. Advisory services offered through LaSalle St. Investment Advisors LLC (LSIA), a Registered Investment Advisor. Streamline Financial Services is not affiliated with LSS or LSIA. LSS is affiliated with LSIA.

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