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While the RMD age change sounds good on the surface, I still have not seen the new RMD factor matrix. Curious if they will be ramping the RMD increases quicker than in the past (since IRS now also has less time to collect). Meaning we have more time until we start drawing RMD, but we may be paying for it on the back end with higher withdrawal requirements.
My goal is to fully convert my IRA into my Roth before I draw social security. As a single person, if I can keep my income below $24k/annum, I don't pay taxes on SS.
Good
When do those changes start ???
Thx !
No True on RMD GET YOUR FACT RIGHT
Great news
If my plans hold, I will have 0 RMDs at 72. Thanks Josh
Know your tax rate. Use this knowledgr to pull your SDIRA's down and put them in individual accounts.
So does that change anything in regards sequence of spending in retirement i.e. taxable account spending from until age 59 to get obamacare, from 59.5 on spend down Traditional IRA/401k to reduce RMDS and defer Social Security until whenever 65/67/70?
Well makes not doing Roth’s a little less necessary!
For me the best part of the Secure act 2.0 is it no longer requires RMDs out of Roth 401Ks starting in 2024.
Secure 2.0 is a great bill josh.
If one's RMDs start at age 75, doesn't this simply mean that when it does come time to pull RMDs, they'll be very, very high? The IRS factor (in the mortality tables) for a 75+ year old will force you to take out a lot of RMD in any given year. This will probably then push you into a higher tax bracket. True, you get to compound your money for a longer time period (until you hit 75), but I think there's a downside to it all.
75 yrs old RMD…is that a really a good thing? Higher withdraws rates, potentially higher tax brackets, pushing some into higher IRRMA cost. Tax planning a must.
We have loads of money Josh. We just spend more than we have. Most people don't care, because a majority of Americans don't have a pot to piss in and are in debt up their neck. The next major economic rises, which is coming very soon, the government will be forced to print more money to avoid riots in the streets by the very people who don't have a clue!!!!
So everyone under $71K get's a grand for their IRA? And payments toward your student loans count as $$ towards matching contributions for 401s? I'd would have liked a grand towards my retirement at age 20 and every year after. Maybe they can figure a way of dialing back SSA payments to those folks and more or less privatize SS after the next few decades of retirees punch through the system.
Thanks for the info Josh.
Game changer
Josh, a quick how to update the RMD’s in Right Capital video might be nice unless the software will update automatically. Thanks for the great content!