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Favorite resource(s) for retirement actions? (lemmy.world)

submitted 10 months ago by [email protected] to c/[email protected]

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And by this, I mean, advice for the actual act of getting investment income (ideally without touching principal).

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[–] [email protected] 1 points 10 months ago (1 children)

Well, I guess I don't know about some of the pitfalls and traps for transitioning from investing and not using any of the gains to a place of using dividends, for instance. So suppose I currently have an investment in something like VTSAX, but set to reinvest dividends. Do people just turn that off and then start sending those dividends into a checking account?

[–] [email protected] 2 points 10 months ago (1 children)

Oh, I see. Yeah, I think it's that simple. Turn off dividend reinvesting and transfer the proceeds to checking.

I'm firmly in the accumulation phase for my own account, so I haven't done much planning for drawing income.

That being said, there's also the idea of setting up a bond tent for the first few years of drawing on your investments. That's something I'm planning to research as I get closer to my investment goals.

[–] [email protected] 1 points 10 months ago

Hm, I'll have to look into that last bit. I'm also still in the accumulation phase, just trying to learn more overall...