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Three Wealth Tiers and Their Impact on RMDs
Takeaways:
- A significant majority of retirees, specifically 84%, find required minimum distributions irrelevant to their financial planning.
- For retirees holding substantial wealth, RMDs can potentially escalate their tax bracket significantly, impacting their overall financial health.
- Individuals in the lower wealth tier, under 500,000, typically do not face adverse effects from RMDs due to their withdrawal habits.
- The middle wealth tier, ranging from 500,000 to 3 million, is where RMDs can create notable tax challenges and unexpected income spikes.
- Utilizing Roth conversions before the age of 73 can mitigate future RMD impacts and subsequent tax liabilities effectively.
- Strategic spending prior to the onset of RMDs is crucial for wealth management, allowing retirees to control their tax outcomes.
To schedule a Discovery Call go to: https://www.momentouswealthadvisors.com/contact
Get Your Risk Number by taking the FREE RISK ASSESSMENT: https://pro.riskalyze.com/embed/da35a673b96655a2f2b1
Pick up a copy of my book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:https://www.momentouswealthadvisors.com/book
Brian D Muller(AAMS©), Founder, Wealth Advisor
Podcast Disclaimer The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional. Any hypothetical performance is just that, and there is no guarantee that you will receive a specific average rate of return in any examples in this podcast.
THE BASICS OF RETIREMENT PLANNING Retirement planning has several steps, with the end goal of having enough money to quit working and live your version of a richer life. My goal is to help people make better wealth decisions along their financial journey so they can retire and stay comfortably retired
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By Brian D Muller (AAMS©) (BFA™)Takeaways:
- A significant majority of retirees, specifically 84%, find required minimum distributions irrelevant to their financial planning.
- For retirees holding substantial wealth, RMDs can potentially escalate their tax bracket significantly, impacting their overall financial health.
- Individuals in the lower wealth tier, under 500,000, typically do not face adverse effects from RMDs due to their withdrawal habits.
- The middle wealth tier, ranging from 500,000 to 3 million, is where RMDs can create notable tax challenges and unexpected income spikes.
- Utilizing Roth conversions before the age of 73 can mitigate future RMD impacts and subsequent tax liabilities effectively.
- Strategic spending prior to the onset of RMDs is crucial for wealth management, allowing retirees to control their tax outcomes.
To schedule a Discovery Call go to: https://www.momentouswealthadvisors.com/contact
Get Your Risk Number by taking the FREE RISK ASSESSMENT: https://pro.riskalyze.com/embed/da35a673b96655a2f2b1
Pick up a copy of my book "Momentous Decisions: 7 Steps to Better Health, More Wealth, and a Richer Life" at:https://www.momentouswealthadvisors.com/book
Brian D Muller(AAMS©), Founder, Wealth Advisor
Podcast Disclaimer The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional. Any hypothetical performance is just that, and there is no guarantee that you will receive a specific average rate of return in any examples in this podcast.
THE BASICS OF RETIREMENT PLANNING Retirement planning has several steps, with the end goal of having enough money to quit working and live your version of a richer life. My goal is to help people make better wealth decisions along their financial journey so they can retire and stay comfortably retired