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6 Strategies to Help Lower RMD Taxes

Individual Retirement Accounts (IRAs), 401(k)s and other workplace plans can help you build wealth for the future while enjoying some tax benefits.

There's just one important thing you need to plan for: required minimum distributions (RMDs). The IRS requir es you to begin taking distributions from certain retirement accounts in the year you turn 73. 

If not properly planned for, these distributions could take a potential tax toll on your retirement nest egg. 

Here are six smart RMD strategies that could help reduce distributions andpotentially lower your tax bill.

Consulting a fiduciary financial advisor can be a great first step to factoring RMDs, and the potential tax repercussions, into your retirement plan.

SmartAsset's latest proprietary model reveals that working with a financial advisor could potentially add from 36% to 212% more dollar value to investors' portfolios over a lifetime, depending on multiple unique, individual factors.¹ 

It's never too late to plan to work toward a comfortable retirement. Try SmartAsset's no-cost tool to find and compare vetted financial advisors serving your area. Get your financial advisor matches today 

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