The SECURE Act 10-year rule set new guidelines for distributing inherited retirement accounts and has impacted retirement planning.
Year-end is an opportune time to review retirement savings plans and determine if any adjustments are needed.
Year-end is an opportune time to remind investors of situations where they are not required to take retirement distributions.
Year-end planning presents an opportune time to focus on retirement strategies.
The Internal Revenue Service requires retirees to take annual minimum distributions from individual retirement accounts (IRAs). In situations where clients don’t rely on that money for income, they may consider making a charitable donation with the proceeds. IRA account owners must start taking required minimum distributions at age 70½, and report the distribution as taxable
December can be a busy month for clients, particularly those 70½ and older who must take required minimum distributions from their retirement accounts before year-end. This requirement may present a planning opportunity to meet with clients who may not rely on these distributions for income. Help family members save for college Grandparents may use RMDs