Roth vs. IRA withdrawl
I'm 75 and retired. I have about $650K in a Roth and $98K in an IRA. My wife (age 73) has $900K in a Prudential annuity and $91K in an IRA. We also have $100K in other securities. We're going to start taking money out for general use. In addition to our RMD, which is the best account to start drawing from?
Terry Says
That's a big question, and it really requires the services of a financial planner to look at all the assets. Especially the annuity, which may have certain terms regarding withdrawals. And it also depends on your beneficiaries -- how much you want to leave them, and in what format. I suggest you ask Jeffrey Oster, my annuity expert, what to do with the Pru annuity (email: Jeffrey.Oster@raymondjames.com). But I would also seek a Certified Financial Planner -- fee only. If you're in the Chicago area, I'm comfortable with Sharon Egan, former president of the Financial Planners Association of Illinois (email: segan@nsinvest.com). Or if you're elsewhere go to www.feeonly.org -- the website of the fee only planners association.
