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Tax-savvy withdrawals in retirement How different withdrawal strategies impact your income taxes during retirement

 

Congratulations: You're retired.

 

That probably means no more regular paycheck, and

you may need to turn to your investments for income. But remember: The impact

of taxes is just as important to consider now as it was when saving for retirement.

 

The good news is that in retirement there may be more options to increase after-tax

income, especially when savings span multiple account types, such as

traditional retirement accounts, Roth accounts, and taxable savings like brokerage

or savings accounts. The not-so-good news is that choosing which accounts to

draw from and when can be a complicated decision.

 

"Many people are seeking ways to help reduce the taxes that they will pay over

the course of their retirement," says Andrey Lyalko, vice president of Fidelity

financial solutions. "Timing is critical. So, how and when you choose to withdraw

from various accounts—401(k)s, Roth accounts, and other accounts—can impact

your taxes in different ways."