Episode 62: How to Plan for RMD Taxes

If you have a retirement account, one day you will face Required Minimum Distributions. And the sooner you plan for these the better it will be for your taxes! In this episode, we walk you through how RMDs work, how to plan for RMD taxes in advance of your retirement date, and how all this works for inherited accounts as well! 

Take a listen right here, or head over to your favorite steaming platform!

Related Links

Read Rob’s article, Why Corporate Executives Need to Plan Around RMDs Now

Learn about the SECURE Act 2.0 and how it affects your inherited accounts:

• Article: Retirement Changes in SECURE Act 2.0
• Article: What are the Latest Inherited IRA Rules?
• Video: Inherited IRA Distributions: Pre-SECURE Act
• Video: Inherited IRA Distributions: Post-SECURE Act

Resources we have on Roth Conversions:

• Video: Save Taxes by doing Roth Conversions
• Article: How to do a Backdoor Roth Conversion
• Video: The Mega Backdoor Roth Conversion Strategy

Timestamps

1:37 Required Minimum Distributions explained

13:45 How RMDs work for inherited accounts

20:05 How RMDs affect your taxes

24:08 Ways to plan for RMDs

30:55 Deeper dive on Roth Conversions

36:49 Deeper dive on Qualified Charitable Distributions

46:41 Deeper dive on Timing and Early Withdrawals

49:37 How to use your RMDs once they are yours

55:46 Closing thoughts

Credits for Episode 62

Host: Michelle Smalenberger, CFP®

Guest: Trevore Meyer, CFP®

Executive Producer: Anna Lewis

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