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Recent Changes for Your RMDs

We’ve seen a lot of changes in the world over the last several months, and the world of retirement is no different. Part of those changes are the changes that have come to required minimum distributions (RMDs). As a quick refresher, these withdrawals are coming from our 401(k)s, IRAs, and SEP programs — these are all considered “qualified” accounts for RMDs. We’re required to take these withdrawals and pay some of the taxes on them as well.

Historically, we’ve had to begin taking our RMDs at age 70 ½, but the advent of the SECURE Act has changed that. The new age for your RMDs is now 72. For some, this could be good news, and for others, this may require some changes in your current retirement income plan.

We know you may have questions about how this could affect your retirement plan, and how you should shift your income plan accordingly, and we at Hoffman Financial Group are here to help answer any questions you may have. Give us a call to schedule your very own meeting to discuss your retirement options today!

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