If you've heard the term RMD before, but don't know how that applies to you you're not alone.
RMD is an abbreviation for Required Minimum Distribution. These effect accounts that are tax deferred, you have not paid the taxes on the contributions or the earnings.
So what's changed? This version of the Secure Act, version 2.0 that came out in 2023, has raised the age for RMD’s to 73, with another increase to 75 in 2033.
So what does all this mean for you? The implications are certainly unique to each persons situations. Overall, this adjustment means you will likely have a greater amount of choice for your pre-tax accounts in retirement. The delay also gives you time to plan and avoid RMD’s as well.
Schedule your free call today to learn more about the Secure Act 2.0, strategies to avoid them or how RMD’s will affect your financial plan.
315-439-6588 or https://ScheduleWithPeteNicolini.as.me/
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FINRA RMD Calculator
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