#rmds

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from24/7 Wall St.
3 weeks ago

Today Is the Last Day to Take Your RMDs Without a Steep Penalty

Saving for retirement in a traditional IRA or 401(k) can make more sense than socking money away in a Roth account. That's because traditional retirement accounts give you a tax break on your contributions. If you're a higher earner in a higher tax bracket, that tax break may be very valuable to you. Plus, you might earn too much money to contribute to a Roth IRA directly, making a traditional IRA a better bet.
Retirement
Retirement
from24/7 Wall St.
7 months ago

I am 62 years old with $700k in a 401(k). Would converting $70k annually help avoid RMDs?

A 62-year-old can avoid RMDs by transferring money from a traditional 401(k) to a Roth IRA.
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