Taxes in 2024: What You Need To Know

Recently, there have been some new tax law changes in the IRS code that impact retirees and anyone who's planning for retirement.

This year, the IRS raised the required minimum distribution age to 73. Once you attain age 73, whether you need the money or not, the IRS is going to force you to pull money out of your IRA account based on your age each year.

That number keeps going up and up because the federal government wants taxes on this money. Here’s what is at stake. Any money you pull out of your IRA is going to add to your income, which of course could potentially push you into higher tax brackets.

That can have a direct impact on how much your social security is taxed as well. One of the things that we are discussing with many of our clients is to consider a Roth IRA conversion prior to your required minimum distribution age. Why not put yourself in a position where you can pay your taxes on that money wholesale instead of retail?

The difference is that with the Roth IRA, you are not forced to take a distribution out. So now that money can accumulate tax-free beyond 73. The other advantage too is that whatever you don't spend, whatever's left over. If let's say for example, you want to leave some of that money behind to your children, you can pass that on tax-free to your heirs.

Have any questions? Contact us today!

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DISCLOSURE:
Safeguard Investment Advisory Group, LLC. is a registered investment advisor. Information presented is for educational purposes only & does not intend to make an offer or solicitation for the sale or purchase of any securities. Investments involve risk & unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed here. Investment Advisors, Reid Abedeen, Rick Rivera, Edward Sota, Andy Anable, Chris Miller, Dan Carter, David Hart, James Murray and Deryk Cherubini are also licensed to offer insurance plans and products in the State of California under license numbers: #0C78700, #0B51891, #0C16747, #0G78226, #0F57413, #0C32681, #0D42046, #0F77176 and ##0H56092.

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