Best Listener Questions of The Week, Ep #77

<p>It’s always fun to hear from listeners and to field questions about retirement and retirement-related financial issues. I publish my podcast to help people deal with those issues with wisdom and insight, so they can live a better life in retirement.</p> <p>This episode is not just another listener question episode — it’s the BEST questions I’ve received over the past week. There are so many decisions to be made and the questions are relevant not only to the person who asked the question, but also to others who never ask a question but have questions all the same.</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>How you can gain access to my retirement toolbox (free resources) [3:20]</li> <li>Susan asks about taking an RMD from her 401K at age 72 [4:22]</li> <li>Are Series I savings bonds worth considering for an emergency fund? [7:12]</li> <li>I would like to start 529 funds for our grandkids, what happens if we don’t use the money for their college tuition? [9:30]</li> <li>How can I find out about the free retirement assessment (2nd opinion)? [14:14]</li> <li>Tammy has inherited a $400K IRA and other financial assets and accounts. How do these impact taxes, retirement, etc.? [15:08]</li> <li>Johnny has asked about 2026 being the “year of the big tax increase” [19:04]</li> </ul> <h2>What’s the best strategy for a 72-year old to use when taking a 401K Required Minimum Distribution (RMD)?</h2> <p>For most people, age 72 is when they are required to start taking those infamous “Required Minimum Distributions” from their 401Ks. Susan is concerned about the tax implications because the bulk of her retirement savings, almost $2M, is in her 401K. That would be a concern if she’s retired or retiring in 2021 (as Susan says she is - this December), but if she’s not retired, then she doesn’t have to take the RMD even though she is 72 years old. The rule only applies to those individuals who are not working.</p> <p>My recommendation to Susan is that she pushes off her official retiremen