Thanks to Barron’s for talking with our own Phil Mitchell about the return of RMD’s and other retirement considerations you should know for 2021.
Some retirees—especially those who didn’t take an RMD in 2020—will have to take even more out in RMDs then they did in 2019 due to higher account balances, says Phillip Mitchell, a member of the American Institute of CPAs Personal Financial Planning Executive Committee.
A consideration for those who pay estimated taxes: 2020 might not be a good guide to go by since retirees who skipped RMDs may have had lower taxes as a result, says Michael Goodman, president and founder of Wealthstream Advisors in New York. Now’s a good time to talk to your tax preparer so you know whether you need to rejigger your estimates or your withholding for 2021, he says.
Read the full article HERE.
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