Ask an Advisor: I Need $3500 Per Month to Cover My Expenses. Should I Take Social Security or Tap My 401(k)?

Show Politics and Government Publications

Wed, March 19, 2025

[ Wed, Mar 19th ]: WBTW

Donald Trump will run and win again in 2028, Bannon says

[ Wed, Mar 19th ]: Newsweek

Mahmoud Khalil Speaks Out From Detention

[ Wed, Mar 19th ]: Reason

Lawn-Sign Liberalism vs. Supply-Side Progressivism

[ Wed, Mar 19th ]: Euronews

DR Congo and Rwanda presidents meet in Qatar for peace talks

[ Wed, Mar 19th ]: Reuters

Netanyahu coalition jeopardised over ultra-Orthodox exemption from army

[ Wed, Mar 19th ]: KTVZ

Senator Ron Wyden visits KTVZ, addresses concerns and challenges facing Oregon, U.S.

[ Wed, Mar 19th ]: CNN

In Ukraine and Gaza, Trump finds out that ending wars is tougher than it looks

Tue, March 18, 2025

[ Tue, Mar 18th ]: BuzzFeed

Non-Political People, Tell Us Why You Don't Care To Engage In Politics

[ Tue, Mar 18th ]: Euronews

Baltics and Poland announce planned withdrawal from landmine treaty

[ Tue, Mar 18th ]: dw

No quotas: How can new Syrian government ensure inclusivity?

[ Tue, Mar 18th ]: Reuters

Explainer-What happens if the Trump administration doesn't comply with a court order?

[ Tue, Mar 18th ]: RealClearPolitics

Schumer: The Republican Attitude Is "I Made My Mo .. , How Dare Your Government Take My Money From Me"

[ Tue, Mar 18th ]: Slate

Democrats Had a Chance to Take a Stand Here. What Went Wrong?

[ Tue, Mar 18th ]: Mediaite

JUST IN: Elon Musk and DOGE Found By Federal Judg .. Have Violated the Constitution 'In Multiple Ways'

[ Tue, Mar 18th ]: Them

82 House Democrats "Demand" the Government Reject Trump's Anti-Trans Passport Policies

[ Tue, Mar 18th ]: MLive

Tractor parade at Michigan Capitol: Farmers rally to fight 'burdensome regulations'

[ Tue, Mar 18th ]: Newsweek

DOGE Announces 'Major Cleanup' for Social Security

[ Tue, Mar 18th ]: LAist

4 things to know about the Alien Enemies Act and Trump's efforts to use it

[ Tue, Mar 18th ]: CounterPunch

Conservatives and Liberals Have a Common Enemy

[ Tue, Mar 18th ]: Gizmodo

MAGA's Tesla Embrace Means EV Politics Will Never Be the Same Again

[ Tue, Mar 18th ]: Forbes

The Polls And Politics Of Inequality

[ Tue, Mar 18th ]: Insider

I left my job at the White House and landed a rol .. my advice for federal workers making the switch.

[ Tue, Mar 18th ]: BBC

What does UK benefits overhaul mean for Scotland?

[ Tue, Mar 18th ]: Snopes

Social Security falsely declared 82-year-old man dead, stopped benefits

[ Tue, Mar 18th ]: Newspoint

8th Pay Commission: Big Salary Boost for 1 Crore Government Employees and Pensioners!

[ Tue, Mar 18th ]: CNN

Getting paid not to work: Federal probationary workers put on paid leave

Mon, March 17, 2025

[ Mon, Mar 17th ]: MassLive

Mass. lawmakers plan to extend remote meeting rules

[ Mon, Mar 17th ]: KSAT

Going for gold: A look at the political and sporting challenges facing the next IOC president

[ Mon, Mar 17th ]: ArtNews

Trump Moves to Axe 7 Federal Agencies, Including Key Library and Media Funds

[ Mon, Mar 17th ]: WVXU

Kentucky GOP pushes through anti-trans bills and Medicaid changes in 11th hour

[ Mon, Mar 17th ]: Yahoo

'Nothing to do with politics': How Hezbollah photos led to RI doctor's controversial deportation

[ Mon, Mar 17th ]: Newsweek

Chuck Schumer Cancels Book Tour Events Amid Funding Vote Backlash

[ Mon, Mar 17th ]: RealClearPolitics

Democrats Should Have Shut Down the Government

[ Mon, Mar 17th ]: KOMO

Trump is fired up about the economy, immigration and the Russia/Ukraine war: Exclusive

[ Mon, Mar 17th ]: WBEZ

Amid backlash against Elon Musk and DOGE, Tesla owners say they're caught in the middle

[ Mon, Mar 17th ]: Politico

Baraka taps into Dem dissatisfaction

[ Mon, Mar 17th ]: PennLive

Trump signs order to gut staff at Voice of America, other US-funded media organizations

[ Mon, Mar 17th ]: KOSU

Gov. Kevin Stitt boasts about DOGE OK savings, lawmakers worry about staff cuts and redundancy

[ Mon, Mar 17th ]: dw

A look back: East Germany's first freely elected parliament

[ Mon, Mar 17th ]: IOL

Ideological Enforcement and the Rise and Fall of Trans Autocracy

[ Mon, Mar 17th ]: Reuters

Trump says no exemptions on US steel and aluminum tariffs

[ Mon, Mar 17th ]: Euronews

Brussels hosts Syrian foreign minister for talks on country's political and economic transition

[ Mon, Mar 17th ]: Slate

How American Bureaucrats Became Public Enemy No. 1

[ Mon, Mar 17th ]: LBC

Council tax to rise for most people in England - see the full list of increases

[ Mon, Mar 17th ]: KLCC

City of Bend sees surge of interest in Human Rights and Equity Commission

[ Mon, Mar 17th ]: BBC

No-one mentions Reform UK spat, says councillor

[ Mon, Mar 17th ]: CNN

White House denies ignoring court order halting Venezuelan deportations

[ Mon, Mar 17th ]: briefly

What Julius Malema said about the budget speech and joining the GNU

Ask an Advisor: I Need $3500 Per Month to Cover My Expenses. Should I Take Social Security or Tap My 401(k)?

//business-finance.news-articles.net/content/202 .. ould-i-take-social-security-or-tap-my-401-k.html

Published in Business and Finance on Monday, March 17th 2025 at 16:01 GMT by SmartAsset
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

I'm retired and receive a pension but I still need to supplement my monthly income. My choices are to claim Social Security or start withdrawing money from my 401(k). I'm 64 and have $200,000 in a 401(k).

The article on MSN Money discusses a retiree's dilemma on whether to start taking Social Security benefits or to withdraw from their 401(k) to meet their monthly expenses of $3,500. Financial advisor Brandon Renfro outlines several considerations: firstly, the timing of Social Security benefits is crucial as delaying can increase the monthly benefit amount, but immediate needs might necessitate earlier withdrawal. He suggests calculating the break-even point for Social Security to understand the financial implications of starting benefits early versus later. For the 401(k), Renfro advises considering the tax implications of withdrawals, the longevity of the funds, and the potential for investment growth if left untouched. He also mentions the possibility of using a combination of both strategies, like taking partial Social Security while supplementing with 401(k) withdrawals, to balance immediate needs with long-term financial security. The article emphasizes the importance of personalized financial planning, considering one's health, other income sources, and potential changes in financial needs or laws.

Read the Full SmartAsset Article at:
[ https://www.msn.com/en-us/money/retirement/ask-an-advisor-i-need-3500-per-month-to-cover-my-expenses-should-i-take-social-security-or-tap-my-401-k/ar-AA1B5bP0 ]

Similar Politics and Government Publications

[ Sat, Mar 08th ]: Kiplinger
Category: Business and Finance

Five Key Retirement Challenges (and How to Face Them Head On)

[ Tue, Mar 04th ]: Newspoint
Category: Business and Finance

Retirement: Have you reached 45 years of age and .. t done any retirement planning? Try this method..

[ Mon, Feb 03rd ]: MSN
Category: Business and Finance

When 'unretiring' isn't worth it: some low-income .. ees say higher paychecks would cut their benefits

[ Tue, Jan 28th ]: AOL
Category: Business and Finance

Finance expert Clark Howard says these are the people most likely burn a hole in their pocket

[ Sun, Jan 26th ]: MARCA
Category: Business and Finance

How to file your 2025 tax return: The best step-by-step guide

[ Sat, Jan 25th ]: MSN
Category: Business and Finance

Your financial plan, retirement and investment questions answered

[ Thu, Jan 16th ]: Kiplinger
Category: Business and Finance

A Strategic Way to Address the Tax-Deferred Disconnect

[ Sat, Jan 11th ]: Investopedia
Category: Business and Finance

If You're One of the 4.1 Million People Retiring in 2025, Open a CD Before Rates Decrease

[ Thu, Dec 12th 2024 ]: Kiplinger
Category: Business and Finance

A Checklist for Retiring in 2025

[ Sat, Dec 07th 2024 ]: The Citizen
Category: Business and Finance

Planning for retirement? Consider these key risks

[ Mon, Dec 02nd 2024 ]: Bill Williamson
Category: Business and Finance

I'm in my 50s and am planning for early retiremen .. axes on the $9 million in my retirement accounts?

[ Sun, Dec 01st 2024 ]: Bill Williamson
Category: Business and Finance

Two-pot retirement system: keep your hands out of this cookie jar!