Ep70 | Required Minimum Distributions: The Tax Problem Most Retirees Don't See Coming

A large IRA can feel like a retirement trophy. Until required minimum distributions show up and remind you that the IRS has a co-pilot seat.In this episode, Ray Godleski breaks down one of the most overlooked tax problems in retirement planning: the IRA tax trap. When a large portion of your savings is in pre-tax accounts, RMDs can push you into a higher tax bracket, increase your Medicare premiums, cause more of your Social Security to be taxed, and create a bigger burden for your surviving spouse and beneficiaries.You'll learn:What RMDs are, when they begin, and how they are calculatedWhy RMDs are taxable income, not just forced cash flowHow RMDs affect your tax bracket, Social Security taxation, and Medicare premiumsThe inherited IRA 10-year rule and what beneficiaries need to knowHow Roth conversions and qualified charitable distributions can reduce the IRA tax trapA 10-step planning checklist to get ahead of RMDs before they become a problemIf you're within a few years of retirement and want clarity around your retirement plan, book a complimentary consultation to build a strategy tailored to you:Book a Consultation: https://app.greminders.com/e/9bfdfdf70740f21a2e1cec4140dd884dd4ef6365Tune in and make sure your IRA does not become a tax trap in retirement.🎙 Follow the show on Apple Podcasts: https://podcasts.apple.com/us/podcast/executive-retirement-compass-financial-planning-to/id1796392113📧 [email protected] welcome. Real answers given.Explore our free tools and resources at: www.YourNextStepFinancial.com