If you have a retirement account like a 401(k) or IRA, Required Minimum Distributions (RMDs) can be a real drag in retirement. Knowing if RMDs will affect your retirement is critical so you can make the right adjustments now and moving forward.
RMDs have the potential to affect your tax rates, Social Security benefits, Medicare premiums, and more. Don’t worry though, there are several strategies financial planners, investment advisors, and individuals alike can use to minimize, and hopefully avoid, the impact of RMDs.