Traditional IRAs require minimum distributions (RMDs) beginning at age 72. If this cash is not needed to cover living expenses, below are some alternative strategies to satisfy RMDs and reduce RMDs in future years:
Planning for one’s death can be daunting, but it is important to consider how your estate should be settled prior to your passing. If proper planning does not occur, you can open your family and loved ones up to added costs and significant delays of receiving their inheritance.
It is important to know the different tax treatments and potential penalties associated with any trades or withdrawals pertaining to your accounts. Below, we explain the tax treatment of different account types.