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MillerSearles
840 West Hamilton Street, Suite 320
Allentown, PA 18101
Phone: 610-437-1000
Website: www.millersearles.com
Before you retire, consider planning for your required minimum distributions (RMDs). This can be more complicated than you imagine if you have signicant retirement assets in qualified plans, such as 401(k) accounts and IRAs, but you can achieve a tax-friendly result with a little planning.
Different rules apply if your spouse is the sole beneficiary and at least 10 years younger than you. Stiff tax penalties apply on RMD amounts not taken.
Or invest some IRA money in a Qualified Longevity Annuity Contract (QLAC), which can delay required payments for several more years. Deducting up to 60% of your adjusted gross income annually for charitable contributions can also help reduce the tax bite.
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