How the new administration could impact your retirement accounts starting in 2021…..New tax laws, a new administration, a new senate, and congress. Recent changes to qualified retirement accounts and IRS-Mandated Required Minimum distributions (RMD’s) bring advantages and disadvantages. Some changes have the potential to be beneficial; however, you must make sure you are working with the current and up-to-date information so you can help avoid costly mistakes.
As of 2021, the new law mandates you start taking RMD’s from your qualified retirement accounts once you reach age 72. The new provisions can be complex, with unforgiving consequences. Make one small error and you and /or your heirs could be hit with severe penalties. This test will bring clarity to how the new changes impact your retirement and how to help avoid IRS problems.
Topics we’ll cover include:
- What is an RMD, and why are millions of Americans caught off guard?
- Strategies for dealing with new capital gains tax rates.
- Income strategies in today’s low-interest-rate environment.
- How to calculate your RMD’s considering the new law.
- How are the age changes and the timing for RMD withdrawals could affect you?
- Whether Roth-conversions make sense considering the latest changes.
- Tax-saving strategies under the new administration.
- Asset allocations strategies to help you avoid cannibalizing your principal when you are taking RMD distributions.