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Maximizing Your RMD: Key Issues to Consider

If you're reviewing your Required Minimum Distribution (RMD) from a qualified retirement account, there are several issues you should consider in order to make the most of your funds and meet your financial goals. 

First, if your RMD is more than you need for living expenses, consider transferring the excess to a non-qualified account for re-investment rather than leaving it in cash. You should also verify that any other retirement accounts subject to RMDs will be satisfied, and consider the impact of market conditions on the value of your qualified account. If the value is significantly up or down, you may want to accelerate or spread out your withdrawals in order to lock in gains or avoid selling assets at lower share prices. 

If you've inherited a qualified account, be aware of the unique RMD rules that may apply due to the SECURE Act, such as the 10-year rule which requires non-eligible designated beneficiaries to withdraw the entire balance of the account within 10 years of the account owner's death. You should also consider whether you're eligible for any exceptions, such as if you're still working and contributing to an employer-sponsored account or if this is your first year subject to an RMD. 

It's also important to review your tax withholding to ensure that it's accurate, and consider making a Qualified Charitable Deduction (QCD) if you're required to take a RMD and planning to donate to charity this tax year. QCDs can be a tax-efficient way to donate, but be mindful of the requirements, such as limits and the requirement that the recipient be a qualified charity. 

By considering these issues when reviewing your RMD, you can make the most of your funds and meet your financial goals.

This content may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.Ascend Investment Partners is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.    Ascend Investment Partners did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed. The opinions expressed in this report are those of the author(s) and are not necessarily those of Ascend Investment Partners or its affiliates. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy   Services offered through Kesler, Norman & Wride, LLC dba Ascend Investment Partners, a Registered Investment Advisor. This message and any attachments contain information which may be confidential and/or privileged and is intended for use only by the addressee(s) named on this transmission. If you are not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are notified that any review, copying, distribution or use of this transmission is strictly prohibited. If you have received this transmission in error, please (i) notify the sender immediately by e-mail or by telephone and (ii) destroy all copies of this message.  If you do not wish to receive marketing emails from this sender, please send an email to garrett@ascendinvestment.com    Please note that trading instructions through email, fax or voicemail will not be taken.

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