Older Gen Xers have reached the milestone of retirement, but one mistake could cost them

The average life expectancy of Americans is about 73 years for men and 79 for women, and financial advisors often model their clients’ life expectancies longer than that. Even so, that’s at least 15 years of expenses to consider. Logging into 59 and a half accounts, even if no penalty is charged, can significantly reduce total savings and reduce compounded returns.

Just because you can tap into your retirement accounts with impunity doesn’t mean you should, financial advisors say.

“Almost all of my clients are Gen X and almost none of them are in a position to retire or have money in retirement accounts,” says Liz Windisch, a Denver-based certified financial planner (CFP). “My advice to them is not to take any distribution at this time and wait as long as possible.”

And sometimes, investors can no longer take distributions even if they reach 59 and a half based on other rules. For example, tax-free Roth distributions must meet the five-year rule (meaning the account has been open for at least five years), and not all employers allow 401(k) distributions while you’re still employed.

When to take distributions from retirement accounts is a difficult question that varies from person to person and family. There are several factors to consider, including thinking about when you’ll take Social Security, how you’ll pay for Medicare, and your current and future cash flow needs, among others, says Stephen Maggard, a South Carolina-based CFP.

“Before thinking about taking money out of retirement accounts, it’s important to create a cash flow plan for the next 15 years,” Maggard said. “Age 60 to 75 is a really good time for tax planning. You have many decisions to make that will affect your cash flow and you cannot take back this decision.”

Many advisors recommend drawing from taxable accounts first, followed by tax-free accounts, or Roth accounts, next, and tax-deferred last (meaning, tax-deferred and tax-free can be interchanged, depending on your personal situation).

Gen X is missing out on retirement savings

It is very important to be smart in the pre-retirement generation. The study—and surveys of Gen X savers—found that this group falls far short of recommended savings rates.

There are many reasons for that, including the fact that this is the first modern generation that had to save for retirement on their own and cannot rely on private pension plans. Additionally, when Gen X got access to accounts like the 401(k), they were new and didn’t have all the features—like auto-enrollment and auto-advance—that helped younger generations save more. They also had more student loan debt than generations before them, on average, and now face a cost-of-living problem as they may work as caregivers and parents.

Rather than start tapping into retirement accounts now, advisers say to do so in times of emergency.

Another way Gen X can better prepare for retirement is through catch-up contributions. Those age 50 or older can save more in their tax-advantaged savings accounts than younger investors, amounting to thousands of dollars each year in the case of a 401(k): while the 401(k) contribution limit is $23,000 this year. for most people, those 50-plus can hide another $7,500.

Another tip: Focus on lowering taxes, says Andrew Herzog, a Texas-based CFP. Most Americans have all or most of their retirement savings in pre-tax accounts such as 401(k)s and traditional IRAs. But this can have a big tax impact on retirement, when the bill is due.

“How and when you start withdrawing from retirement accounts has a big impact on your tax bill,” Herzog says.

He suggests looking into a Roth conversion, which means moving funds from a pretax vehicle to a post-tax vehicle. You will pay taxes on the amount you convert at your tax rate at the time of the conversion, and it will grow tax-free thereafter. He suggests starting the conversion the year after your official retirement, when your income, and therefore your tax rate, will likely be lower.

“This window of opportunity between retirement and the start of [required minimum distributions] this is where a Roth conversion can be more effective in saving taxes,” he said. “It is important to consult with tax experts about this, especially when Social Security payments start because that will be a new source of money that we have to deal with.”

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