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Thread: 401K/IRA withdraw after retirement

  1. #11
    Senior Member Tradd's Avatar
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    Quote Originally Posted by rosarugosa View Post
    Tradd: I take a distribution at the beginning of the year and put it into my savings account. Then I set up auto transfers to my checking account from savings on a monthly basis.
    That’s the type of answer I was looking for. Thanks.

  2. #12
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    I have done it the way Rosa did hers, and I have also done it with monthly automatic withdrawals directly from the IRA to my checking account.

  3. #13
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    DH and I aren't of age yet... That said, mom is and has been for some time. She takes the RMD end of October (annually) as a transfer from the IRA account to her checking. The financial institution that holds the IRA calculate s the tax and withhold / submits taxes for her. This is the arrangement we will also opt for when reaching the correct age.

  4. #14
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    We take the RMD in Oct. I do the charitable contribution with mine and husband takes his as income...My thought is I was going to give the charities the money from checking, so why not get the tax benefit? Only problem is sometimes they aren't sure who gave it to them or for what category...need to talk to the stock guy.

  5. #15
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by nswef View Post
    We take the RMD in Oct. I do the charitable contribution with mine and husband takes his as income...My thought is I was going to give the charities the money from checking, so why not get the tax benefit? Only problem is sometimes they aren't sure who gave it to them or for what category...need to talk to the stock guy.
    That is a good tip. I will have to make sure our investment people make it clear to the charitable groups name of donor

  6. #16
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    Our Schwab account gave us a checkbook for our QCDs. Makes it really easy. Hubby just said we have another set of checks for funds we are using ourselves.

    Only crazy issues are: one charity messed up the check and we had to fix that and then another small charity group did not get the check in the mail. They made it very hard to give to someone so we dropped them. Their loss.

  7. #17
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    Quote Originally Posted by rosarugosa View Post
    Tradd: I take a distribution at the beginning of the year and put it into my savings account. Then I set up auto transfers to my checking account from savings on a monthly basis.
    I do something somewhat similar. Distributions from a couple of sources go into a money market fund. Every month, I transfer 1/60 of the balance to checking. This tends to smooth out market fluctuations into a sort of five year average. I also toss the occasional windfall into the money fund to discourage spending it all at once.

    At need I can make a large infrequent purchase from the money fund, essentially floating myself a five year loan. I used to try maintaining a sort of fixed asset amortization fund based on the estimated lives of various items, but it felt like too much work after awhile.

    This works because I have a couple of stable sources (pension and SS) annuity income that cover day-to-day expenses. I think of the money fund transfers as a sort of dividend for “extras”.

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