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Three Stages of Retirement Account Withdrawals

In Articles, Taxes, Wealth Management by Brad Stark

If you are under the age of 59 ½, retirement plans are typically the last place you want to pull money from, but there are exceptions. Regardless of your age, understand that tax-qualified money (e.g., 401(k) accounts, IRAs, pension plans, etc.) grows tax deferred and becomes taxable when funds are pulled out. The taxes owed are NOT subject to the …

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The Bipartisan Budget Act of 2015

In Articles, Taxes, Wealth Management by Mission Wealth

Today, President Obama signed into law the Bipartisan Budget Act of 2015, legislation that raises the federal debt limit and establishes the framework for a two-year budget deal. The legislation, needed to avoid an impending default on U.S. debt, also contains multiple unrelated provisions, including an elimination of two Social Security retirement benefit claiming strategies and a provision to prevent …