I'm 67 and retired over a year now. Low budget person and everything is paid off. Just have normal monthly bills and making do with SS. Have enough $ to live a few more years in my checking account. (shy of nursing home, etc.) But my health is not that great, so I don't expect to live many more years to become an old man. I have three 401K accounts from previous employers.
Last I checked (few years ago) with one of the 401K accounts, they deducted $40 for every check or deposit they gave me. So that may have changed.
I'm just thinking on spending some of the $ before I die. Maybe just be more generous to my kids at Christmas and birthdays or whatever.
But $40 per month will not cut it for me in expense. Say I draw out $12,000 once per year, instead of $1000 per month? Have not talked with my tax lady either yet. Any advice from those with more knowledge than myself? I'm no financial whiz for sure. Any tax advantage one way or the other, or will it all even out at the end of the year? Just using these figures for easy thinking people as myself.
Last I checked (few years ago) with one of the 401K accounts, they deducted $40 for every check or deposit they gave me. So that may have changed.
I'm just thinking on spending some of the $ before I die. Maybe just be more generous to my kids at Christmas and birthdays or whatever.
But $40 per month will not cut it for me in expense. Say I draw out $12,000 once per year, instead of $1000 per month? Have not talked with my tax lady either yet. Any advice from those with more knowledge than myself? I'm no financial whiz for sure. Any tax advantage one way or the other, or will it all even out at the end of the year? Just using these figures for easy thinking people as myself.