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How do I set up recurring withdrawals?

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Can I set up recurring withdrawals (automatic withdrawals)?

Recurring withdrawals are not available for most Betterment accounts. However, if you’re retired and using a Retirement Income account to manage withdrawals from your retirement savings, this feature is available. Retirement Income accounts are designed specifically for retirees drawing on their savings. Follow the steps below to get started.

Setting Up Recurring Withdrawals for Retirement Accounts

Step 1: Dismantle Tax-Coordinated Portfolio (TCP)

If your goal is part of a Tax-Coordinated Portfolio, you’ll need to dismantle the TCP before enabling automatic withdrawals. If your goal is not tax coordinates, skip to Step 2.

To request TCP dismantling:

  1. Log in using a web browser.
  2. Select your Retirement goal from the menu.
  3. Navigate to the Settings tab.
  4. In the Features section, choose Edit tax-coordination and select "I no longer want a Tax-Coordinated Portfolio."
  5. Submit your request.
    • TCP dismantle requests are processed manually and typically take 2–3 business days.
    • You’ll receive an email confirmation once the dismantlement is complete.

Step 2: Update Your Employment Status to Retired

Ensure your Account Settings reflect that you are retired:

  1. Log in using a web browser.
  2. Go to your Settings.
  3. Check your Employment status in the Financial Information section.
  4. If it doesn’t show as "Retired":
    • Select Edit in the Financial Information section.
    • Update your Employment status to "Retired".

Step 3: Set Goal Advice to Retirement Income

  1. Choose your Retirement goal from the left-hand menu.
  2. Navigate to the goal’s Settings tab.
  3. Under the Plan section, select Edit retirement plan.
  4. Complete the prompts:
    • When asked, "Are you saving for retirement or already retired and looking to make regular withdrawals?" select "I'm retired and looking to make regular withdrawals."
  5. Submit your updated retirement details.

Once these steps are completed, your account is ready for automatic withdrawals.

Step 4: How to Set Up the Recurring Retirement Withdrawal(s)

  1. Navigate to the Home page.
  2. Click Transfer or rollover in the upper-right corner.
  3. Select Withdraw and follow the prompts to set frequency and amount.

Note: This action must be performed using a web browser.

Important Notes

  • Recurring withdrawals are only available for retirement income goals.
  • Betterment does not support automatic withdrawals for Tax-Coordinated Portfolios or non-retirement accounts.