Take out of IRA or use dividend income on cash account?

by Tim Jones
(Hicksville, ny)

take out of IRA or use dividend income on cash account?

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Jan 05, 2020
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by: Mike

Hello Tim,

We need to start off with the usual disclaimer here. We are not financial or tax advisers and you should really speak to someone qualified to help you here.

We can only give a very general answer as we do not know you full financial position. Generally speaking, you are best to keep as much of your cash/savings in a tax efficient account and keep it that way as long as possible. There are exceptions to this and you need to think about the optimal tax position for you in the long run (including capital gains and dividend taxes) and when is the best time to take cash from each savings account. Generally speaking, though, you'd be better off using the dividend income on a cash account but please get advice.

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