Why Prepaying Your RMDs Could Save You Thousands in Retirement
Joe Knows Retirement · Joe Schmitz Jr.
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Show Notes
If you have a pension and $1 million or more saved, Required Minimum Distributions (RMDs) could become one of the biggest tax challenges in your retirement. Most people are told they'll be in a lower tax bracket in retirement. But for those with pensions, Social Security, and large retirement accounts, the opposite is often true. Joe breaks down why prepaying your RMDs could actually be a powerful tax strategy and how it can help you. If you fall into the group of retirees with a pension and significant savings, your planning is different than most people. The strategies discussed here could potentially save tens or even hundreds of thousands in taxes over your lifetime.
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