In this week’s episode of Retire in Texas, Darryl Lyons, CEO and Co-Founder of PAX Financial Group, breaks down the complexities of Required Minimum Distributions (RMDs). RMDs can be an intimidating topic, but Darryl simplifies the details with practical guidance, actionable strategies, and insights to help you navigate this critical aspect of retirement planning.

In this episode, Darryl explores the fundamentals of RMDs, explaining their impact on your tax strategy, legacy planning, and overall financial health. Whether you're nearing the RMD age, have questions about Roth conversions, or want to reduce your lifetime tax burden, this episode provides valuable insights to optimize your retirement plan.

Key highlights of the episode include:

• Understanding the rules, including recent changes to RMD ages, and how they affect your tax obligations.
• Exploring Roth IRAs, qualified charitable distributions (QCDs), and how to balance traditional and Roth accounts for long-term tax efficiency.
• Insights on the 10-year rule for non-spouse beneficiaries, trust considerations, and how to avoid unintended tax consequences for your heirs.
• Breaking down calculations, life expectancy tables, and why your December 31 balance plays a critical role.
• Common pitfalls like missed RMDs, understanding IRS codes, and how to ensure proper reporting.

For more resources and to connect with a financial advisor who can help you plan your retirement with confidence, visit www.PAXFinancialGroup.com. If you found this episode helpful, share it with someone preparing for retirement!

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References:

2023 Publication 590-B