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?
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What do you mean you are taking a “partial lump sum of money” — from where? Please elaborate.
Roll it over to a Traditional IRA that your establish at a bank, brokerage, insurance company, etc.
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.
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?
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.
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