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How Will The New IRS Life Expectancy Tables Impact You!
Are you facing a required withdrawral from your 401(k) or IRA?
The new tables presume you live longer.
The good news is your RMD may actually be a little lower! The bad news is It’s still fully taxable. Plus, it still counts as provisional income which means up to 85% of your social security could also be taxable.
One soulution to this is converting some or all of what you have to a Roth IRA. Why? Anything that you convert will eventially become tax free, plus a Roth will not count as provisional income, therefore will not affect your Social Security.