Please forgive my ignorance, but I've been wondering about this for a while...
At 59.5 years old I'll have approximately $60,000 in a traditional IRA; and $30,000 in a Roth. My retirement income at that age, without tapping into the IRA's, will be $27,000 annually. If I need/want to withdraw funds from the IRA accounts, is there a rule of thumb or best practice as to which I should withdraw from first due to the Trad. being taxable, while the Roth is not? i.e. Will I be further ahead depleting the funds from the Roth first before tapping into the traditional? Or is there a scenario where perhaps withdrawing a portiion from both makes sense?
Thank you for your time.
At 59.5 years old I'll have approximately $60,000 in a traditional IRA; and $30,000 in a Roth. My retirement income at that age, without tapping into the IRA's, will be $27,000 annually. If I need/want to withdraw funds from the IRA accounts, is there a rule of thumb or best practice as to which I should withdraw from first due to the Trad. being taxable, while the Roth is not? i.e. Will I be further ahead depleting the funds from the Roth first before tapping into the traditional? Or is there a scenario where perhaps withdrawing a portiion from both makes sense?
Thank you for your time.