I’ve written previously about withdrawing from my Traditional IRA to help fund our retirement. I’ve also described how I started making Qualified Charitable Distributions (QCDs) in early 2023 after I turned 70 1/2. In a recent article, I explained how I might optimize my income tax withholding schedule while fully complying with IRS rules. My … Read more
There are many retirement financial milestones to pay attention to: your penalty-free early distribution age from an IRA (59/12), eligibility for Social Security (early filer at 62 and full retirement age at 66–67), Medicare eligibility (age 65, for most), and your RMD age (currently 73; 75 beginning in 2033). I’ve already hit all those milestones … Read more
First and foremost, thank you for subscribing to this blog. I’ve had quite a few new subscribers this year and really appreciate the kind comments I received from readers. If you have a topic you’d like me to explore next year, just a question that you and perhaps others would like me to respond to, … Read more
In a previous article, I discussed the two presidential candidates’ major policy positions on taxes, the debt limit, and abortion. Taxes and the debt limit directly impact retirees’ finances and stewardship. We’re now on the other side of the election, and the Republican Party won a clear victory, a “trifecta,” as they call it, as … Read more
It’s that time of year again: income tax time. And I can’t be sure, but I think many retirees are generally more concerned about taxes in retirement than when working. I’m no different than anyone else; I don’t enjoy withdrawing from my retirement savings, handing some of it to the government, or having them take … Read more
The Secure Act 2.0 was finally passed as just one part of a massive funding package by the outgoing congress just before Christmas on December 23, 2022, and signed into law by the president as the Consolidated Appropriations Act of 2023, an omnibus spending bill authorizing roughly $1.7 trillion in new Federal spending (yikes!). You’re … Read more
Now that I’ve reached age 70, I’m looking forward to getting just a little older. Why? Because when I reach age 70½, I’ll be eligible to make Qualified Charitable Distributions (QCDs). I first mentioned QCDs on this blog in an article published in December of last year titled ”My Year-End Retirement Stewardship Review and Planning … Read more
If you read much about retirement finance, you’ll see a lot of hyperbolic rhetoric about “Required Minimum Distributions,” or “RMDs.” You’d think RMDs are going to sneak up on you and devastate your financial plans in retirement. Spoiler alert: they’re probably not. Yes, RMDs will impact your savings, income, and taxes, but not as much … Read more
I recently received another one: an invitation in the mail to a “free dinner and retirement discussion.” It seems like I’ve been averaging one every few weeks or so. (My wife also receives one every once in a while. So does somebody named “Current Resident” who apparently lives with me who I don’t know.) I’m … Read more
