- January 16, 2022
- Posted by: Bastion team
- Category: World News
There are some ways to reduce the size of your required withdrawals and, consequently, your tax bill.
The buoyant stock market has swelled the amount of money Americans have in their retirement savings plans, which is undoubtedly a welcome development for seniors who will need that money to live on.
But most of the more than $13 trillion in savings is stockpiled in tax-deferred plans, which means retirees will eventually have to pay taxes on it. And depending on the size of the account, that tax bill could be significant.
The IRS requires owners of traditional IRAs and other tax-deferred accounts, to take minimum annual withdrawals starting at age 72.
Required…
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