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Level 6

Retirement

When I retire I am planning to take a partial lump sum of money.  Where is the best place to put it so I do not have to pay taxes until the money is taken out? 

5 Replies
Level 20

Retirement

What do you mean you are taking a “partial lump sum of money” — from where?  Please elaborate. 

Level 20

Retirement

Roll it over to a Traditional IRA that your establish at a bank, brokerage, insurance company, etc.

Level 6

Retirement

When I retire as of the 1st I will be taking a partial lump sum of money from my employer that they are offering to me.

Level 20

Retirement

That is still as clear as mud.  Do you mean you will be taking money from a 401k?  Where is the "lump sum" coming from (not just "from my employer")  And what is it a "partial" lump sum of?

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Level 19

Retirement

you need to have your employer's custodian do a trustee-to-trustee transfer of the money to an IRA that you will set up and designate.

Your custodian of this IRA will assist you with the paperwork.