Taxes will be a key consideration when deciding which accounts to withdraw assets from first when you retire. Money you pull out of a 457, traditional IRA or other retirement-savings plan funded with pre-tax dollars will be taxed in full in your current top tax bracket at the time of withdrawal.

Roth IRAs are funded with after-tax contributions, and the money can generally be withdrawn tax-free if you are at least 59 1/2 and have had an account for five years.

And when you tap investments owned for more than a year in taxable accounts, the profits are taxed at your capital-gains rate, currently 15 percent or less. Consider tapping these accounts first, since you can be taxed on their earnings every year.

Next, it may make sense to withdraw money from traditional IRAs and 457s. You may have to pay a 10 percent penalty on traditional IRA withdrawals before age 59½, but you can generally take 457 plan money penalty-free at any age after you leave your job. You must start taking required minimum distributions (RMDs) from the accounts by age 70½. Any money left in the account is taxed at your heirs' income-tax rate.

Roth IRAs can be tax-free for you and your heirs and don't have RMDs.

If you have each kind of account, mixing withdrawals may yield the best result. See our Retiree Guide.