The IRS mandates distributions from retirement accounts as individuals reach a certain age, which can result in higher tax payments.
💡However, there are strategies to minimize the impact of these required minimum distributions (RMDs) and save on taxes. Here are seven strategies to reduce your RMDs and optimize your tax situation:
👉 Roth Conversions
👉 Delay Social Security Benefits
👉 Qualified Charitable Distributions (QCD)
👉 Continue Working
👉 Utilize Joint Life Expectancy Tables
👉 Optimize Asset Location
👉 Plan for Tax Implications on Heirs
Reducing RMDs and optimizing taxes requires careful planning aligned with your life plan and financial objectives. Work with a financial planner and implement these strategies to minimize the impact of RMDs and maximize the value of your retirement savings.
Learn the tips & strategies to get the most out of life with your money.
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⏱ Timestamps ⏱
0:00 Intro
1:12 Understand this first
4:09 Roth conversions
6:51 Delay social security
8:23 Qualified Charitable Distributions (QCD)
11:19 Continue Working
12:14 Utilize Joint Life Expectancy Tables
13:28 Optimize Asset Location
15:20 Plan for Tax Implications on Heirs
17:39 Outro
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