Congratulations on your retirement! Once you reach this milestone, you will be ready to start withdrawing money from. retirement account.
If you’ve never done this before, there’s no need to panic. Money expert Dave Ramsey recently shared seven easy steps to withdrawing money from your retirement account after retirement.
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1. Work with a financial advisor
According to Why Should You Start by Working with a Financial Advisor? ramsey solutionsYour advisor can help you decide how much money you need to withdraw from your account.
Working with a financial advisor can also help you decide which accounts to withdraw your money from. There are different guidelines for withdrawals from traditional IRAs, 401(k) plans, and Roth IRAs. If you’re not sure how to withdraw money or plan to withdraw funds from multiple accounts, your financial advisor may be able to guide you through the process.
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2. Decide how to receive money
Retirees can choose to receive the money in one lump sum or in multiple direct debits. It’s best to start by checking the withdrawal rules for your particular investment account.
3. Contact your financial institution
Once you’ve decided how much you want to withdraw and how you’ll receive it, the third step is to contact the financial institution where your retirement account is opened. Tell the other person that you are ready to start withdrawing money from this account. Depending on your financial institution, you may be able to complete the process in person or start the process online.
4. Wait for the paperwork
Once you confirm that you are ready to begin withdrawing from your retirement account, withdrawals will be made from your retirement account. The financial institution will begin preparing the documents.
5. Document confirmation
When you receive your documents, please be sure to check their contents. If you don’t understand something, ask for clarification.
6. Sign the document
Sign the document and return it to your financial institution.
7. Receive money
In this step, your financial institution processes your documents. Finally, the requested withdrawal amount will be paid.
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