With our United Income Paycheck, we initiate withdrawals from your nest egg so you don’t have to. Our software calculates how much you should withdraw each month given your account balances to cover your expenses and meet your long-term financial goals, and will recalibrate the amount over time as your account balances and spending needs change. We then initiate a withdrawal of the appropriate amount from your United Income Account which is then deposited into your bank account for you to spend.
Federal tax law requires that, after age 70 ½, you must take “required minimum distributions” from any 401k accounts or traditional IRAs. Figuring out how much to withdraw from each of your many accounts requires a complicated calculation involving your age, actuarially-determined life expectancy, and your account balance as of a certain date. Instead, let us do the work for you. We’ll automatically make any required withdrawals from your United Income Accounts. For accounts held outside of United Income, we’ll tell you exactly how much and when to withdraw so you don’t get tripped up by tax laws and face penalties.
The average retiree has six different sources of income in retirement. Rather than cashing six different checks or puzzling over which checks to cash and where to put the proceeds, we can help automatically route this income to your United Income Account and send you your recommended withdrawal.