Question for the Money Doctors
Question submitted on Mar 22, 2023.
QuestionI plan to withdraw about 62,000 from my TRS account when I retire. I need to pay some bills off and would like to put money aside for my 3 boys future or gift it to them. Is there a way for me to diversify the income to avoid or lessen the 20% tax? Also, where can I invest some of the income for later I am 60 yrs old.
First, your tax rate depends, not sure where the 20% rate came from. Depends on taxable income in the year you withdraw the funds. I suggest talking to a CPA financial planner as there are many questions to ask that I do not have answers to suggest alternatives for you.
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