Congratulations on your retirement! Once you reach this milestone, you’re ready to start withdrawing money from your retirement accounts.
Read Next: 8 Things To Stop Doing After 60, According To Kevin Lum
For You: 7 Clever Ways Retirees Are Earning Up To $1K per Month From Home
If you’ve never done this before, you mustn’t panic. Money expert Dave Ramsey shared seven simple steps for withdrawing money from your retirement account once you’re retired.
Step 1: Work With a Financial Advisor
Why should you start by working with a financial advisor? According to Ramsey Solutions, an advisor can help you decide the amount of money you should withdraw from your account.
Working with a financial advisor is also helpful for determining which account you want to withdraw money from. There are different guidelines in place for making withdrawals from traditional IRAs, 401(k) plans and Roth IRAs. If you’re uncertain of how to do it or plan to withdraw funds from several accounts, a financial advisor may guide you through the process.
Keep Financial Literacy Month going — learn how the MoneyLion app helps you track, manage and move your money in one place
Step 2: Decide How You Want To Receive the Money
The choices for retirees include receiving the money in one lump sum or through several automatic withdrawals. It’s best to start by reviewing the rules your specific investment account has about withdrawing money.
Step 3: Contact Your Financial Institution
Once you know how much money you want to withdraw and the way you want to receive it, the third step is to contact the financial institution where your retirement account is held. Let them know you’re ready to start withdrawing money from this account. Depending on the financial institution, you may be able to do this in person or begin the process online.
Step 4: Wait for Paperwork
After you confirm that you’re ready to begin withdrawing money from your retirement account, they will take it from there. The financial institution will begin preparing paperwork for you.
Step 5: Review Paperwork
Make sure to read through the materials once you receive the paperwork. Ask for clarification if there is something you don’t understand.
Step 6: Sign Paperwork
Sign and return the paperwork to your financial institution.
Step 7: Receive the Money!
During this step, the financial institution will process your paperwork. Finally, they will disburse the requested withdrawal amount.
More From GOBankingRates
- Trump Now Says $2,000 Checks Are Coming by Mid-2026: How To Plan Your Budget Now
- I'm a Financial Planner: Cut These 7 Hidden Expenses To Save Hundreds a Month
- How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
- 5 Things You Must Do When Your Savings Reach $50,000
This article originally appeared on GOBankingRates.com: Dave Ramsey: 7 Steps for Withdrawing From Your Retirement Account Once You’ve Retired
