Here's why squirreling away every spare dime into your 401(k) is a bad idea.
“You can choose whether you want the next withdrawal to add to your taxable income or you can keep yourself in your current tax bracket,” said Marcy Keckler, vice president, financial advice strategy at Ameriprise Financial.
In that case, you might want to tap your taxable account instead, said Morrissey at Financial Strategy Associates. “We can probably capture some long-term capital gains on the front end of retirement and fill that first year’s need.”If you can manage your income tax brackets, you can also manage your premiums for Medicare Part B and D, which cover outpatient care and prescription drugs, respectively.
If you’re approaching an MAGI threshold that will lead to higher Medicare premiums, you might turn to your taxable account to manage your income. “It requires a case-by-case and year-by-year approach,” said Jeff Fosselman, a CPA and senior wealth advisor for Relative Value Partners in Northbrook, Illinois.• Start with Social Security and any pension:
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