An Advanced Guide To Minimizing Future RMDs

Early Retirement - Financial Freedom (Investing, Tax Planning, Retirement Strategy, Personal Finance)

Ari Taublieb, CFP®, MBA

Entrepreneurship, Investing, Business, Careers, How To Retire, Retirement Planning, Stock Investing, Real Estate Investing, Retirement, Personal Finance, Save On Taxes, Early Retirement

4.7 • 585 Ratings

🗓️ 18 September 2023

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Ari Taublieb, MBA is the Vice President of Root Financial Partners and a Fiduciary Financial Planner specializing in helping clients navigate the nuances of an early retirement (non-traditional retirement). -> Create Your Custom Strategy To Retire Early -> Free E-Book: A Complete Guide To An Early Retirement -> NEW eBook: Health Insurance For An Early Retirement Ever wondered how you can strategically plan for your Required Minimum Distributions (RMDs) and minimize your tax liab...

Transcript

Click on a timestamp to play from that location

0:00.0	I'm yet to meet a client who's excited about RMDs. If you're going, Ari, I don't even know what
0:04.4	you just said. That's okay. Some people don't. Now, what I want to go over is how can you effectively plan for these RMDs, which is another fancy way of saying, how can you make sure you don't pay any more in taxes than you need to? Now, a lot of you know my bad joke by now, but I'm all about being patriotic, not to the point you pay more in taxes than you need to.
0:24.1	So today, I'm going to go over these RMDs, which stands for required minimum distributions, and how you can effectively plan for them.
0:31.8	This was an episode that was prompted by a listener question, and it's a little bit of a funny one, but it came from someone who says, Ari, I just heard about RMDs from a previous episode of yours. I am not happy with you.
0:43.2	I have to take out funds, I just found out. Now, unfortunately, you are the bearer of bad news here,
0:48.1	but I looked it up and it turns out it is true. RMDs are going to begin, and I have a healthy
0:53.0	401k balance of $3.4 million.
0:56.2	How should I effectively plan for my RMDs that are going to occur, which I now know
1:01.8	whether I want to or not?
1:04.1	So in light of hearing this, the reality is you are going to have RMDs.
1:09.0	And if you're wondering, oh my gosh, when do these RMDs begin for me? Here's when. If you were born 1950 or earlier, age 72. Now, this
1:18.7	includes people who are born earlier and you were subject to the old RMDs, which began at 70 and a
1:23.8	half. If you are born from 1951 to 1959, you are going to have to take those at age 73.
1:31.3	And if you are born after 1960, you are not going to have to take RMDs until age 75.
1:37.4	So for a lot of you, it's not until 75 that you really have to worry about this.
1:42.0	And so it's really easy to go, let me just put this off.
1:44.5	I don't have to worry.
1:45.3	I'm 45 today.
1:46.4	I'm 50 today.
1:47.2	I'm 60 today.
1:48.5	I'm, you know, I've saved and invested well. I have my 401k. Why should I have to worry about this RMD thing if it's not going to happen for so long? And it's not that I want you worrying about it, but what I want you doing is being really intentional.
2:00.6	Because here's what a lot of people do.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ari Taublieb, CFP®, MBA, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ari Taublieb, CFP®, MBA and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.