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5 Ways to Potentially Reduce RMD Taxes After Age 73 | Turning 73 can be considered a key milestone for retirement planning: It's the year required minimum distributions (RMDs) go into effect for most.
Since RMDs count as taxable income, they have the potential to trigger significant tax bills. But with thoughtful strategies, you may be able to reduce the RMD tax burden and help preserve more of your hard-earned wealth.
Here are five actionable strategies to consider when managing RMD-related taxes. See the list.
Consulting a fiduciary financial advisor can be a great first step to factoring RMDs, and the potential tax repercussions, into your retirement plan.
SmartAsset's latest proprietary model reveals that working with a financial advisor could potentially add from 36% to 212% more dollar value to investors' portfolios over a lifetime, depending on multiple unique, individual factors.1
Interested in finding a financial advisor? SmartAsset's no-cost tool can help you find and compare vetted fiduciary advisors serving your area, each legally bound to work in your best interest.
It's never too late to plan to work toward a comfortable retirement. Explore your financial advisor matches today.
| Try SmartAsset's Financial Advisor Matching Tool Hire a pro. Find and compare vetted financial advisors serving your area, each legally bound to work in your best interest. | SmartAsset
122 E 42nd St #4300, New York, NY 10168 | This is a hypothetical example and is not representative of any specific security. Actual results when working
with a financial advisor will vary.
This scenario is for illustrative purposes only and does not represent an actual client. Results may vary.
This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal.
Working with an adviser may come with potential downsides such as payment of fees (which will reduce
returns). Past performance is not a guarantee of future results. There are no guarantees that working with an
adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential
conflicts of interest.
SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice
(Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a
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only and are not intended to provide specific advice or recommendations for any individual. We suggest that
you consult your accountant, tax, or legal advisor with regard to your individual situation.
SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is
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are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a
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Sources:
1. "The Value of a Financial Advisor: What's It Really Worth?" SmartAsset (Nov. 2024) |
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