When withdrawing money from retirement accounts, the recommended order is to first withdraw from traditional accounts (ripping off the band-aid), then from non-qualified individual accounts, because while non-qualified accounts have less severe tax consequences, they still require paying taxes on gains whenever you make a sale or rebalance the portfolio.
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Rip Off the Band-Aid: The Smart Order to Withdraw MoneyAdded:
So, we would want to let that grow, and we'd want to rip off the band-aid with the traditional account, and that's initially where we want to pull from.
Secondly, we would want to pull from the non-qualified individual account because, even though the taxes for that aren't as bad, we still are paying taxes on the gains. So, it's again a non-retirement account. There's no required distribution amount, but still, anytime we make a sale in that account, anytime we rebalance and there's a profit, we pay tax on that.
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