You can take a make a charitable gift from your IRA to satisfy your RMD. Using a QCD or qualified charitable distribution, you can avoid taxes on the RMD. In addition, this strategy may allow you to reduce your income to levels that prevent or reduce taxes on Social Security retirement benefits, Medicare premium surcharges, and more. Learn more about the QCD and how it could work for the charitably-minded and cash-flow conscious.
Thinking ahead about how investing can support financial goals is the purpose of planning. Naturally, there’s lots of talk about common planning targets: retirement and college. But there’s also consideration of how to achieve multiple goals at various stages of life — whether covering basic needs or leaving a legacy — and how taxes and tax planning could impact results. Articles in the planning category allow you to clarify how today’s decisions can impact efforts to grow, manage, and maintain wealth.