RMD Age Is Now Higher – But Should You Really Delay Your IRA Distributions?- Episode 122
As of 2023, the age when you must begin taking Required Minimum Distributions from your IRAs has been increased. This means you may have as many as three extra years to allow your savings to grow tax deferred.
This may sound like a great idea: why pay taxes now when you can delay the inevitable for at least a little while longer? But the answer to this question isn’t so simple. Is it always better to delay paying taxes until you’re required to do so, or could you potentially be better off by taking distributions well ahead of when you’re mandated?
Get some answers from podcast host Johnny Dean and his guest, “Professor” Rick Plum, CFP® on this week’s episode of Managing Your Financial Future!
Important Information:
You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal.
IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.
Rick Plum is a registered representative with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.
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