The IRS can’t wait…..


Uncle Sam can’t wait for you to turn 72 years old.

And here’s why …

This is the year the IRS forces you to start withdrawing money from your IRA, 401K, SEP and other tax-deferred accounts.

This happens whether you want to withdraw this money or not.

And each year you could be paying more and more taxes.

And this is why we made it a part of our 31-point Retirement Planning Checklist.

These mandatory RMD withdrawals could set off a chain reaction of events …

  1. If you don’t withdraw money or miscalculate your required minimum distributions, you could pay a 50% tax penalty — the steepest penalty issued by the IRS.
  2. You could also get pushed into a higher tax bracket. According to the Motley Fool, “the extra income is enough to push you into a higher tax bracket, and that can affect how much tax you pay on other sources of income.”
  3. RMD’s become even more dangerous because you could be forced to sell investments during a stock market downturn, or a bear market. This would lock in your losses and deplete your accounts even faster.

The key to successfully navigating RMD’s is to get in front of them in your early to mid 60’s. Because the longer you put it off, the fewer options you’ll have.

Check out the three different ways we could help you navigate required minimum distributions below.

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Whenever you’re ready, here are 3 ways we could help you get even more income from social security…

  1. Watch an on-demand, on the different pillars of retirement. Click HERE.
  2. Please join us for one of our upcoming free, educational events about planning for retirement. Check out our next events HERE.
  3. Or schedule a freecustomized Social Security Analysis with one of our fiduciary advisors. To schedule your free analysis, call (801) 682-1493.

 

 

 

Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. Our firm is not affiliated with the U.S. government or any governmental agency. Please note that we are unable to accept any trade requests via email, voice message or text.

 

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