Investing in a municipal bond fund can be easier than managing individual bonds. It's particularly beneficial for individuals in high tax brackets and high tax states, as the tax-exempt nature of munis can provide higher after-tax income.
When it comes to required minimum distributions from retirement accounts, personal preference plays a significant role. While many opt for a lump sum for immediate control, others prefer monthly distributions akin to personal pensions, highlighting the flexibility in planning.
In 2024, you can allocate a maximum of $23,000 into a workplace retirement account between a traditional and Roth 401(k). Also, if your income allows, you can maximize a Roth IRA contribution to $7,000.
For those looking to manage their finances effectively, considering advice from a fee-only CFP can be invaluable. They can help streamline investment strategies and provide insights on tax-reducing options.
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