Are you feeling lost with the new required minimum distribution (RMD) rules for IRAs and qualified retirement plans? Do you know when you have to start taking your RMDs and how much you need to withdrawal? Do you want to discover strategies to reduce your taxes on these distributions? Tune in to this episode for clear explanations and actionable advice! We'll cover the essentials of RMD regulations, how to navigate your lifetime income tax brackets, the impact of the Social Security tax torpedo, and smart ways to minimize your lifetime income taxes. Plus, we’ll reveal our top recommendation for reducing taxes on your RMDs. Join CERTIFIED FINANCIAL PLANNER™ professionals, John Bever and Jim Uren, as they unpack these critical topics and share their best tips for maximizing your retirement savings. Don’t miss out on learning how to disinherit Uncle Sam and keep more of your hard-earned money!

In this episode you will:

·       Master the basics of the new RMD requirements so you don’t get hit with costly penalties from the IRS.

·       Maximize your retirement income by learning effective strategies to help reduce the taxes on your annual RMDs.

·       Discover how to manage different tax brackets over your lifetime to help reduce your lifetime income tax costs. 

·       Explore the potential benefits of Roth IRA conversions and how they may be able to optimize your retirement income while minimizing taxes.

·       Uncover the impact of Social Security on RMD taxation and how to navigate this aspect of retirement planning.

·       Gain insights on planning for inherited IRAs and taxes to ensure a smooth transition for your beneficiaries.

The key moments in this episode are:

00:00:42 – Updates on the latest RMD Rules

00:03:10 - Understanding RMD Calculation Methods

00:08:02 - Optimizing RMDs for Tax Planning

00:14:01 - Strategies to Reduce Lifetime Taxes on RMDs

00:17:00 - Utilizing QCDs for Charitable Giving

00:18:51 - Delaying RMDs with QLACs

00:20:06 - Power of Roth Conversions

00:25:15 - Strategies for Inherited IRAs

00:27:57 - RMD Pitfalls to Avoid

00:29:27 - Planning for RMDs

00:30:41 - Optimizing Lifetime Tax Brackets

00:31:44 - Topic for the Next Podcast Episode

00:32:45 - Gratitude and Appreciation

Disclosure: 

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth.  

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.  

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment.

and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.