In this Ask the Hammer episode, a reader asks this question:
“We are 75 years old and retired. We keep an eye on what we spend. We have never pulled money from our retirement accounts to live on. Since we don't need money from our IRAs, 401(k)s and savings accounts, what would be a good investing strategy to implement going forward?”
Jeffrey "The Buckinghammer" Levine of Buckingham Wealth Partners, met with Robert Powell, editor of Retirement Daily, to answer this question.
Jeffrey and Bob talk about getting clarity on your long-term purpose for the funds and the tax implications to beneficiaries who inherited from retirement accounts. They also discuss the whether or not consolidating 401(k)s and IRAs would be a good idea.
Watch the full episode to find out the answer to this reader’s questions.
More Ask the Hammer:
- Can I Take RMDs From My IRA and Reinvest Them Into My Roth IRA?
- A New Law for 529 Savings to Be Used for IRAs?
- What's the Tax Basis on Gifted Stock?
- Should I Keep Assets in My Former Employer's 401(k) Plan?
- Is My Spouse My Primary Beneficiary by Default for My 401(k)?
- Should I Roll Over My 401(k)?
- Should I Invest in Cryptocurrency If It's Offered in My 401(k)?
- Can I Contribute to My Roth 401(k) Regardless of My Income?
- Do I Need to Fill Out Form 8606?
- Can I Pay For Medicare Premiums With A Credit Card?
- What Determines My Spouse's Medicare Premium?
- Where Should I Place Mutual Funds With Capital Gains?