With the SECURE Act 2.0 delaying Required Minimum Distributions to age 73, and higher marginal brackets a likely reality in the near future, annual income tax planning has become even more important.
Are you getting close to retirement age? Have you started daydreaming about long, lazy days in the sun without a hectic schedule filling every minute? Then perhaps it’s time to do something about that wishful thinking and take some concrete action to make a smooth transition to retired life.
What Are RMDs? Unlike taxable accounts, funds cannot stay in retirement accounts indefinitely. The requirement is to distribute a minimum percentage annually once you attain a certain age. The reason for these “required distributions” is to make sure that Uncle Sam gets his due. When funds are contributed to retirement accounts, it is with pre-tax …
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