Are you aware of the recent changes to required minimum distributions?
It used to be that when you turned 70, the government forced you to start withdrawing a certain percentage of your money from your IRA and 401K every year.
But when the SECURE Act became law, it changed the minimum age from 70 to 72 to make withdrawals.
Now there are even more changes coming.
The SECURE Act 2.0 will gradually raise the minimum age for RMDs to 73. Then in 2030, it would rise to 74. By 2033, the minimum age to start taking RMDs will be 75.1
That might sound like good news on the surface, but the longer your money grows tax deferred, the more you’ll owe in taxes when your RMDs kick in.
And with the threat of higher taxes coming soon2, deferring your tax bill could mean you’ll be paying even more taxes on this money.
Do you have a strategy that could help you reduce your taxes in retirement?
To learn how you could navigate taxes and RMDs in retirement, contact us at ask@shpne.com.
[2]CNBC News
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