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03-25-2004, 10:37 AM
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#1
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Getting the money out
Once I retire in a few months I will have a pension for roughly half my fiscal needs.
Can I get some recommendations on how to draw money from my savings, 401ks, etc to fund the other half?
Will an institution like Vanguard "cut me a check" every month and send it to me?
How do I set that up?
What things should I avoid, and what things should I be sure to do?
Thanks. There is SO much good info here...........
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Re: Getting the money out
03-25-2004, 11:20 AM
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#2
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Full time employment: Posting here.
Join Date: Sep 2003
Posts: 902
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Re: Getting the money out
DKRichards, yes, Vanguard does have an automatic withdrawal service. It links to your checking account (or whatever account you want) and you choose the amount, the frequency, the start and stop dates, etc. You can sign up online in minutes. First you must establish a link to your checking account. It is designed for just the type of thing you are describing. Just be sure you are aware of the tax/penalty consequences pertaining to retirement plan withdrawals and proceed accordingly. Also, I'd be reluctant to have automatic withdrawal from accounts that are subject to much share price fluctuation. Perhaps the ST Corp fund would be OK, but I'd want control over when and when not to sell holdings subject to price changes.
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Re: Getting the money out
03-25-2004, 12:04 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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Re: Getting the money out
Have been using Vanguards auto deposit to my mothers checking account for 9 years, fixed amount monthly from her Lifestategy Income fund. Memory says I did it by mail after calling them up.
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Re: Getting the money out
03-25-2004, 02:58 PM
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#4
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Early-Retirement.org Founder Developer of FIRECalc
Join Date: Jun 2002
Posts: 1,841
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Re: Getting the money out
If you are using the penalty-free SEPP (72T) provisions, you have to withdraw a precise amount each year. Most folks find it easier to make a single withdrawal in January, and then draw off that during the year.
If you don't need to tap dance to avoid penalties, then ignore this message!
__________________
Often uninformed, seldom undecided.
Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. Mark Twain
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Re: Getting the money out
03-25-2004, 03:38 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Location: Dallas
Posts: 1,211
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Re: Getting the money out
We use Vanguard's Prime Money Market fund in
a taxable account to receive regular monthly
transfers from an IRA account. You can set this
up by calling Vanguard. We then deposit money
from the Prime MM into a bank checking account
as needed to meet expenses. I like to keep the
bank account as lean as possible since it pays no
interest.
Cheers,
Charlie (aka Chuck-Lyn)
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Re: Getting the money out
03-26-2004, 09:55 AM
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#6
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Re: Getting the money out
Thanks for all the info folks, sounds like it's easier than I thought to do what I want.
I will most like stay with Vanguard. They have my company's "Retirement Saving Plan" right now, which is about 90% pre-tax dollars over about 20 years. I believe L'll have to roll the RSP into a typical 401k/Ira and probably put the post-tax $$$s info some sort of investment account.
I have funds at Fidelity, Janus, Invesco, Prudential, etc and plan to do the same: everything into Vanguard. They have been pretty responsive in the past.
The financial planner I spoke to quoted about 1% per annum for funds under his management. I'm sure he does a dandy job, but I think I may just be my own "manager". Anyone see any value in paying someone 1%?
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Re: Getting the money out
03-26-2004, 10:04 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: Getting the money out
Yes, I'm sure the financial planner sees great value in it
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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Re: Getting the money out
03-26-2004, 11:06 AM
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#8
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Full time employment: Posting here.
Join Date: Sep 2003
Posts: 902
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Re: Getting the money out
Quote:
Anyone see any value in paying someone 1%?
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Absolutely not!!
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