A traditional Individual Retirement Account (IRA) is a personal tax-deferred retirement plan established for those who receive compensation or earned income from employment, those who are divorced or separated and receive taxable alimony or maintenance payments and have not reached the age of 70 ½. IRAs were created to provide individuals with the opportunity to build their own tax-deferred retirement savings program.
One of the downsides of IRAs is that every year, millions of Americans are forced to take a Required Minimum Distribution (RMD) from their IRAs and qualified plans starting at age 70½. Chances are, if your retirement income is derived primarily from your IRAs, you’ll already be meeting the IRS’s Requirement Minimum Distributions (RMD), and therefore, RMDs would be of little concern.
The Rural Electric Planning Group, LLC, has some well designed RMD solutions. Our goal is to strategically position your assets so you have a choice from which asset category to either meet your income needs, and/or your IRAs’ Requirement Minimum Distribution.
We work closely with our clients to help them make the best decisions possible about income & retirement planning regardless of current economic conditions. We are passionate advocates for our clients and believe deeply that they should retain, grow and transfer all that they have worked so hard for. Contact us today and let us craft a retirement income plan that is as individual as you are.