Manage episode 247466271 series 2120250
They say that there are two certain things in life: death and taxes. And when it comes to your retirement accounts, taxes definitely come into play.
You may have thought you were saving big-time on taxes with this method. But here’s the thing: required minimum distributions mean you really only deferred those taxes. And when it comes time to pay, the amount could be surprisingly high.
We talk about what you should be doing now to prepare for that certainty, the rules you must follow, and much more, including…
- At what age you are required to withdraw money first (and how this might be changing soon)
- The different actions you should take in the accumulation and distribution phases
- Why RMDs aren’t designed to set you up with lifetime income
- How to use your RMDs to maximize the financial benefit to you
- And more