Are you nearing retirement and unsure whether to take a lump-sum payout or opt for annual payments? In this episode of the Ask Ralph Show, Ralph Estep Jr. addresses the key question: What Is the Tax Impact of Getting a Lump-Sum Versus Routine Payout of Retirement? Ralph breaks down the tax implications of both options, using real-life examples to help you make an informed decision. From tax bracket changes to long-term financial planning, Ralph provides insights on the benefits and downsides of each retirement payout method. Tune in to get valuable tips on choosing the option that best suits your financial goals.
https://www.askralphpodcast.com/lump-sum-versus-routine/
Podcast Show Notes:
00:00 Episode Overview
00:58 Listener’s Question: Ryan’s Dilemma about Lump Sum vs. Annual Payments
01:50 Bible Verse: Luke 14:28-30
02:44 Real-Life Story: Joe and Fred’s Retirement Choices
05:00 5 Key Tax and Financial Implications of Retirement Payouts
05:45 #1 Joe’s Choice: Monthly Payout and Financial Routine
06:30 #2 Fred’s Choice: Lump Sum Payout and Flexibility
07:15 #3 Tax Differences: Monthly Income vs. Lump Sum
08:00 #4 Investment Control and Risk Management
08:45 #5 The Impact on Long-Term Financial Stability
12:38 Action Steps to Make a Better Retirement Decision #1 Assess Your Budget Needs
12:53 #2 Evaluate Your Risk Tolerance
13:23 #3 Talk to a Tax Professional
13:52 #4 Plan For Flexibility
14:05 #5 Think Long-Term and Plan for Future Needs
16:22 Recap and Closing
What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/
Schedule an Appointment with Saggio Management Group, Inc.
https://app.acuityscheduling.com/schedule/fabfb9f2/appointment/8258839/calendar/2141336?appointmentTypeIds[]=8258839
