Our daily roundup of retirement news your clients may be thinking about.
As you approach 70, tips like these can help trim your RMDs Taking required minimum distributions from tax-deferred accounts starting at age 70 1/2 can inflate retirees' taxable income and boost their tax bill, according to this article on MarketWatch. To minimize their RMDs, retirees may want to roll over a portion of their traditional IRA into a Roth IRA or use their IRA funds to buy a Qualified Longevity Annuity Contract. They are also advised to maximize their IRA withdrawals within their tax bracket before turning 70 1/2 and to make bigger withdrawals for living expenses and leisure. They can also avoid paying taxes on RMDs by taking qualified charitable distributions directly from their IRA.
Register or login for access to this item and much more
All Employee Benefit Adviser content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access