Join hosts James Anderson and Kevin Dauphinee as they dive into the critical topic of Required Minimum Distributions (RMDs) in retirement. In this episode, Kevin breaks down how RMDs work, why they can increase your tax burden, and what strategies you can use to manage them more effectively.
Main Points Discussed:
What RMDs are and why they are required by the IRS for tax-deferred accounts like 401(k)s, IRAs, and more.
The penalties for not taking RMDs on time and how Secure Act 2.0 has provided some relief.
Tax-saving strategies including Roth conversions and qualified charitable distributions that can help reduce the tax impact of RMDs.
Real-life examples of clients who successfully minimized taxes by planning ahead for RMDs.
Why understanding your RMD obligations today can save you from higher taxes in the future, especially with potential tax rate increases looming.
If you're approaching RMD age or want to make sure your retirement income is secure, tune in to this episode now on Spotify, Apple Podcasts, or your preferred platform.
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