Retirement Resources President, Dave Boike Writes About How The New IRS Mandated Required Minimum Distributions Come With Advantages And Disadvantages.
Retirement Resources President and Investment Advisor, Dave Boike, encourages clients to call with questions regarding the new RMDs to avoid costly mistakes.
Auburn Hills, MI – September 19, 2022 – Dave Boike, President of Retirement Resources and co-author of The Ultimate Success Guide with Brian Tracy published a new blog post on the company website entitled “Avoid The Potential Negative Aspects Of The New Tax Laws And RMDs,” in which Mr. Boike acknowledges there have already been many questions and concerns.
Boike states, “New tax laws and recent changes to qualified retirement accounts and IRS mandated Required Minimum Distributions (RMDs) bring advantages and disadvantages.” “On the plus side,” he says, “these changes give IRA accounts the opportunity to grow tax deferred longer. On the negative side,” he adds, “it will create larger RMD withdrawals that could affect taxes sand/or the premiums for Medicare coverages.”
“As of January 2022,” Boike informs his readers, “the new law mandates taking RMD’s from qualified retirement accounts once you reach age 72.” He emphasizes, “To make sure you stay on the positive side of these changes, it’s important to know how to make sure you are working with the most current, up-to-date information to avoid costly mistakes.”
Read the entire blog post at LINK HERE
About Dave Boike
Dave is a well-known financial educator, co-author of The Ultimate Success Guide with Brian Tracy, author of High Tide and contributing author of 21st Century Wealth. For over 30 years, Dave has been teaching investors age 55+ how to preserve their assets, increase their income, and reduce income taxes. He has taught Retirement Planning Classes at Michigan State University, Wayne State University and Oakland Community College.
For over 4 years, Dave was featured on NBC25 every weeknight at 6PM, discussing the daily market wrap-up. Many area retirees have used Dave’s advice to enjoy a financially independent retirement.
Dave is a Chartered Financial Consultant, a designation awarded only to the most experienced advisors who have completed a 10-course program of study, through the American College in Pennsylvania, focusing on Tax, Investment, Risk Management, Retirement and Estate Planning. He is an approved Member of the International Association of Registered Financial Planners, the Society of Financial Service Professionals. As a strong advocate of education, Dave recently spoke at The Michigan Association of CPA’s, and has taught retirement planning classes at Michigan State Education Center, Wayne State University, and Oakland Community College
Dave’s latest book, High Tide, A Practical Guide for Affluent Retirees to Protect, Profit and Prosper from the Coming Storm, talks specifically on the important challenges retirees are facing today and some new cutting-edge solutions to address those challenges. He teaches you in this easy to read book how to take the steps necessary to achieve your successful retirement.
Dave is Managing Member and Chief Compliance Officer of Retirement Resources, LLC, a Registered Investment Advisory Firm. Every year, since 2011, Retirement Resources has been awarded the 5 Star Wealth Manager of Michigan, which is only given to the top 7% of advisory firms.
This content is provided for informational and educational purposes only. The information, analysis and opinions expressed herein reflect our judgment as of the date of writing and are subject to change at any time without notice. They are not intended to constitute legal, tax, securities or investment advice or a recommended course of action in any given situation. All investments carry a certain risk and there is no assurance that an investment will provide positive performance over any period of time. Information obtained from third party resources is believed to be reliable but not guaranteed. Past performance is not indicative of future results.