Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs are a way for the government to collect taxes on your tax-deferred savings, such as traditional IRAs and 401(k)s. In this episode, Donna and Marc break down the basics of RMDs and explain how they are calculated based on your age and account balance.

Listen in as we share strategies to potentially avoid them and understand the risks of not preparing in advance. And for those fortunate to not rely on RMDs for income, we’ll explore impactful ways to utilize those funds. If you’re approaching retirement or already retired, this episode provides valuable insights into navigating the world of RMDs and optimizing your retirement savings.

Here’s some of what we discuss in this episode:

• What are RMDs and why do they exist?

• The recent changes in RMD rules, which has moved the RMD age to 73 + potential future changes

• Using RMDs for charitable giving + legacy planning options with RMDs

• How Roth conversions can help control tax brackets and provide tax-free growth

If you are interested in any of the topics we discussed, please reach out and we would be happy to help you navigate your financial situation.