New RMD Rules Let You Turn Charitable Donations into Retirement Income for Life
Investors who chafe at having to take required minimum distributions (RMDs) each year have a new tool to help them reduce the tax bite of these withdrawals – and provide retirement income for life.
A financial advisor can help you manage your RMDs and tax liability in retirement.
Among the many provisions in the new SECURE 2.0 Act is an option that allows IRA holders to combine qualified charitable distributions (QCDs) with a little-known vehicle called a charitable gift annuity. The result? Your charitable donations can help fund your lifestyle in retirement. Here’s how it works.
How to Turn a QCD into Lifetime Income
New RMD Rules Let You Turn Charitable Donations into Retirement Income for Life
Anyone turning 73 this year is required to take a taxable required minimum distribution (RMD) from their IRA (the rules and ages vary according to birth dates). Someone turning 73 with an IRA worth $500,000 at…
2023-07-09 08:27:47
Original from finance.yahoo.com