Cancel Save changes How Required Minimum Distributions Can Triple Your Taxes (Part 2)

In part two of our Required Minimum Distribution video I show you the  HUGE tax increase that Jane is facing with upon becoming a widow. Not only do her income taxes (and brackets) increase dramatically but the tax on her Social Security does as well PLUS she now will pay more than double premiums on Medicare Part B and D. It gets worse too folks.   The longer she lives, the larger her RMDs will be and the larger ALL three of those taxes will be as well. The funny thing is that Jane actually is living on LESS income than when Bob was alive and yet is paying much more in tax! Again, it's not just the tax rates and taxable income you need to be considering. It's the tax on your Social Security benefits PLUS the increase in Medicare premiums as well. Unfortunately,  now the only way Jane can avoid these increases in tax is to  give her RMDs to charity.   There is no other way.  Should have done tax planning in her 50s, which is what I call the "Golden Years of Tax Planning."    I'll post videos of some strategies on that topic soon.   So, SUBSCRIBE! Once again thanks goes out to Don Pistulka at Pistulka.com for his wonderful spreadsheets! Other important links: https://www.ssa.gov/pubs/EN-05-10536.pdf https://www.irs.gov/taxtopics/tc751 ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 GET MY BOOK:   Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910