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Ask the Hammer: Should I Withdraw the Money in My IRA Because of Future Tax Increases?

Jeffrey Levine, CPA/PFS, director of advanced planning, Buckingham Wealth Partners, discusses in this Retirement Daily whether to withdraw money from your IRA because of the Biden tax increases?

My wife and I get about $50,000 per year from Social Security. On Jan. 1, I took about $60,000 from our IRA and paid 20% in federal taxes and 5% in state taxes. 

I have about $100,000 left in the IRA and I'm concerned about future tax increases.

Should I take out the remaining money and pay more taxes or wait till next year and hope to recover from Biden's tax increases and stock market changes? 

That's the reader question Jeffrey Levine, CPA/PFS, director of advanced planning, Buckingham Wealth Partners, answered in this episode of Ask the Hammer.

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