Protecting Your Money (Legally) from the IRS After Age 70½

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For those baby boomers who either close to or have reached the magic age of 70½, this is the time when it is necessary to start withdrawing income from those traditional IRA’s. The problem is that if your traditional IRA has a large amount of money in it, the required minimum distributions (RMD’s) that need to be taken over the course of a year may push you into a higher tax bracket, thus causing you to pay more in taxes to the IRS. There are some steps you can take to protect yourself and prevent this from happening.

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