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How To Avoid The RMD Tax Trap · Retirement Answers

• 0:00
  Jacob: Hey, friends, and welcome back to another episode of Retirement Answers. My name is Jacob Duke. I am your host as always. Today on the show, we are going be talking about how you can avoid the RMD tax trap and some of the strategies that you might can use in your world and kind of in your plan to help lower your RMDs in the future and ultimately lower your taxes throughout the rest of your life. So we're gonna cover that today.
• 0:21
  I wanna walk through a quick background on what RMDs are, how they work, what accounts they apply to, when they start, depending on your age, what's the major risks with them. And then we're gonna go through this in a couple different ways. I wanna share with you what you can start doing before you retire to help minimize that future tax burden that RMDs might create for you. But then also I wanna share what you can do after you retire and some different strategies that you might can deploy in your retirement plan to help minimize those taxes again there in the future. So that's what we're gonna do.
• 0:50
  And let's go ahead and jump in. So what are RMDs? Well, RMD, the acronym stands for Required Minimum Distribution. So this is gonna be a forced distribution that you must take out of your accounts, and I'll specify which ones here in just a moment, but you've got to start taking this money out at some point in the future while you're retired based on your age. And again, I'll outline which ages those are for you specifically here in just a moment.
• 1:14
  So what accounts do these apply to? Well, they apply basically to any sort of tax deferred accounts. So that would be a traditional IRA, that would be a four zero one ks, a four zero three b, a TSP, any sort of employer retirement plan that has tax deferred money in it, but then also your traditional IRA that you would have or a SEP IRA or a simple IRA. If you have any of those tax deferred account types, you're going to have to start taking money out in the future whether you want to or not. So those are the different accounts that apply there.
• 1:42
  And there's actually one extra one here that a lot of people maybe miss is going to be a qualified annuity. So perhaps you have a variable annuity that is inside of a qualified or a tax deferred account being an IRA or something like that. You have to also take your RMDs out of that because that money is again qualified, so it's tax deferred. Even though it technically is an annuity, you still have to take it out if you're not already annuitizing that and taking your monthly payments or your annual payments from it. So those are the accounts that this applies to.
• 2:09
  Now, when did these RMDs start? When does this become an issue for you? Well, before 2020, the age in which all RMDs began was at 70.5, but in 2020, the SECURE Act, the original one came out and increased that age to age 72. But again, in 2022, we increased the ages again based on SECURE Act 2.0 to either 73 or 75. So if you're listening to this and you have not started your RMDs yet, you have to pay attention to one thing that will tell you when you'll start taking your RMD.
• 2:43
  So here's what it is. If you were born before 1960, your RMD age will be 73. If you were born 1960 or later, your RMD age will be 75. So depending on your year of birth, that will tell you when your RMD age is and when you have to start taking those out of your account. Again, if you are already taking your benefits, then you're already taking them, nothing changes for you.
• 3:06
  This is only for folks in the future. So if you really looked into this, you'd find something maybe a little more confusing, but all it really boils down to is your year of birth and if that was before or after 1960. So that's when your RMDs will kick in, and if you're still working and you have an employer plan that you're actively a part of, you can delay your RMDs past the beginning date, so the required beginning date. So if you're still working and you're a part of that employer plan, you don't have to start taking yours at that point, but all IRAs, so traditional IRAs, SEP IRAs, and simple IRAs, all those account types, of if you're working or not, you have to begin taking your RMDs at those ages. So just know that that's when they start.
• 3:46
  Now, what's the big risk here? Like what's the problem? Everybody talks about RMDs and they say it's a really terrible thing, and I'm not sure what the issue is. I'm not understanding this big, big issue. So what's the problem that's actually created here?
• 3:56
  Well, what it's really doing is it's creating a big tax bomb for yourself in the later stages of your life. So obviously, once you get to 73 or 75, you might still be active in some capacity, you might be still going and doing things, but the odds are, at least most of us, we're probably going be slowing down a little bit, maybe don't have as much energy or the ability to go do as many things. So our spending typically is going to decrease in the back half of retirement. So we're spending a lot more in the front half, but when we get to the back half and we might have these really large IRA or tax deferred account balances, we're gonna be forced to take that money out at either age 73 or 75 and beyond, even though we might not need the money. So it's almost like a forced distribution that we're not going to spend.
• 4:36
  All it really is doing is forcing us to pay income taxes on that money. So that's the main thing is it's a really is a ticking tax time bomb. And if you don't do anything about this, you could be in for a rude awakening in the future. So it's got a few risks associated with it. One of them being well, what if tax rates increase over time?
• 4:53
  Right now, on historical basis, our tax rates are fairly low. So who knows what those tax rates might do in the future over the next ten, fifteen, twenty, thirty years. Most people would assume that they are going to increase due to the national debt level and the fact that we probably should pay that off at some point. The question is, is how do we do that? So who knows what tax rates will do in the future, but one of the risks is that tax rates could increase on you.
• 5:15
  So the tax you would pay today, at least the rates you would pay today, could be a lot lower than what they might be in the future. That's one issue. The next thing is, is that your accounts will likely keep growing over time, almost building up a larger and larger tax bill for yourself. So if you've a million dollars in a traditional IRA today, that could be 2 or $3,000,000 in the future, depending on how much you spend out of that account in the early stages of retirement. And so what you've done there is you've built up a larger tax bill for yourself once you do get to RMD age.
• 5:43
  And another risk that could be here is gonna be what's called the widow's tax trap, meaning that if you predecease your spouse and they live beyond you, they could have to take out all those RMDs, but as a single tax filer, so their tax brackets would be compressed and actually at a higher rate over the total sum that has to be distributed. So the key there is normally what happens is, let's say you and your spouse have an IRA each, let's call it a million bucks each, and just to make it really easy, one of you passes away, the other spouse hypothetically would be the one who inherits that if they're the named beneficiary. So they would receive that money, they would assume that as their own, or they have a few different options. I'm not going to go into how they can receive that money right now, but hypothetically, what would happen here is they would receive that money, that million dollars that you had in your IRA. Now, your spouse that's surviving you, they'll have 2,000,000 in their IRA, and once they are at RMD age, or if they already are, then they will have to take out RMDs on $2,000,000 So the RMD total, how much they're having to take from the account remains the same whether you're alive or not.
• 6:42
  But again, they're going to be filing as a single tax filer from this point forward, and they're going be penalized for that because their tax brackets are smaller and they're compressed, and and they're gonna pay higher tax rates on those distributions as a whole. So that's another issue. Now, one of the final issues here actually goes beyond you and your spouse. It could be for your heirs down the road. Let's say you have children or grandchildren.
• 7:02
  Based on the secure acts, what they've done here is the distribution rules for inherited IRAs or inherited 401ks or any sort of tax deferred money that it goes to the next generation. What happens here is there's a ten year payout rule. So depending on a few different factors, I'm not going to dive into this. I think I've done some episodes here on how these new distribution rules for inherited accounts work. But basically in general, what's going happen is they have to take that money out over a ten year period.
• 7:28
  Now they have to take a minimum out every year, most likely, depending on again, the account type and a few different factors, but they have to have all of the money out by the end of that tenth year. So if you leave a $2,000,000 tax deferred account to a child, and they have to take out that $2,000,000 over the next ten years, they're gonna be pulling $200,000 at a minimum out of their account each year, and they're gonna pay income taxes on that at whatever their normal rate is. So if they're making good money, let's call it $300,000 a year providing for themselves and their family, And now they have to also take this large distribution out every single year of like $200,000 that $200,000 is going to be taxed at that high rate. So 30 plus percent is going to be a tax rate on a portion of that, if not all that money. So that's one thing.
• 8:07
  So your $2,000,000 is really only about 1.4 to 1.6, something like that because of the taxes that your heirs would pay in the future. So that's another issue, you might place a burden on the people that receive your inheritance in the future because of how you were giving them that money. So that's the problem that a lot of retirees are gonna be facing here in the coming years is these forced distributions out of their tax deferred accounts. Now, what can we do to mitigate these risks? What can we do to eliminate some of these problems?
• 8:33
  Well, I'm gonna break it down into two different categories. I'm gonna break it down into what you can do before you retire, but then I'm gonna break it down in just a moment into what you can do after you are retired. So what can you do before you retire to help mitigate these RMD issues? Well, the first thing that comes to mind for me is going to be how you're saving your money. And what I mean by this is where you're saving every single month if you're still saving to your accounts.
• 8:54
  Are you saving everything to a tax deferred four zero one ks or tax deferred IRA? Is everything going to that type of account or is any of it going to Roth or is any of it going to a brokerage account, a taxable investment account? So where you're saving and how you're accumulating your wealth is going to be a big deal. And so what you can do before retirement is create a strategy around where you're saving your money in these final years as you get close to retirement. And I know that this might not be possible for everyone, but building out a taxable brokerage account is gonna be something that I value a ton as a retirement planner and helping people retire is because that account gives you flexibility in so many ways.
• 9:30
  It gives you like a bridge account if you retire before 59.5 or even before 55, you can use that account to live on until you reach those ages in the future. It also gives you the ability to have a more favorable tax treatment because you're gonna get long term capital gains on any gains that you realize in the account, but then also you can have qualified dividends along the way as well. And you're gonna be able to use that account to help pay the taxes on some of your Roth conversions, which we'll talk about that strategy here in the second section on what you can do after retirement. So where you're saving your money and how you're building out what I call tax diversification is going to be huge, okay? So most people have these three different tax buckets.
• 10:07
  You've got tax deferred being your normal IRAs or 401ks, then you have your Roth bucket being your Roth 401ks and Roth IRAs, and you have that taxable bucket being your normal brokerage or just your taxable investment account. So those three things, if we can start putting money in each of those, that's gonna be huge. Now, Jacob, what happens if I make $400,000 a year or $500,000 a year before I retire? Doesn't It make sense for me to pay taxes right now to put that money in a brokerage account or the Roth four zero one ks, does it? I probably should put all that into my traditional four zero one ks and get the tax deduction while I had this really high income.
• 10:37
  And the answer might be yes, that's correct. But for some of you, you might have a lot lower income than $500,000 a year. So you might have the opportunity to save to these other account types like Roth or that brokerage account. So look at your situation, evaluate if you have an opportunity here to save to non tax deferred accounts to help yourself years down the road whenever you have this major tax issue that could be building up over time. So that's the first thing.
• 11:02
  The second thing you can do before retirement is to optimize your asset location or how the money in each of these different account types is going to be taxed. And if you've listened to me for any period of time, you've heard me talk about asset location. So I'll kind of defer to some of those episodes where you can learn more about that in more detail. But in general, the idea here is, is we want our Roth IRA to be the most aggressively invested, meaning we want that one to grow because that's gonna be tax free in the future. The second account type we're gonna talk about here is gonna be the brokerage account.
• 11:29
  And so we want this one to also be aggressively invested if possible, preferably in stocks or stock mutual funds. It depends on your situation. So take this and apply it correctly. But in general, if you can have qualified dividends or long term capital gains in your brokerage account, that's always going to be a lower tax rate than whatever your normal income tax would be on non qualified dividends or interest payments that would come in from a bond or a money market or something like that. So we'll make sure we optimize the account type based on how that is going to be taxed.
• 11:54
  And then if we have a tax deferred account, which most of us do through a four zero one ks or an IRA, we want to perhaps curb or limit the amount of growth within that account type and let the other two accounts grow more. So your asset allocation, all these different accounts are typically gonna be different if you're doing this correctly, because you want to maybe limit how much your tax deferred monies are growing and let your other more favorable tax account types grow to higher rates. So asset location could be a way to help minimize your RMVs in the future. You're not gonna feel that effect right now today in your life, but down the road, you'll be glad you did it that way. So that's something to look at.
• 12:30
  So that's something to look at and evaluate as well. Now, I've got two other things here for you. And the first one is, is you need to be building cash if you can before you get to retirement, because this is gonna help set you up and give you opportunities whenever you do get into retirement to be able to use some different strategies that we're about to talk about in a second. So as much cash as you can get on hand is going to be huge, whether that's in the bank or in a money market and brokerage account, whatever it is, just start getting after tax money into cash or into a money market so that you have some opportunities to do some different strategies we're about to talk about in just a moment. Now, one final thing here that many people maybe aren't aware of is, is maybe you should be maxing out your HSA if you're not already.
• 13:08
  So if you are not able to use an HSA because you don't have a high deductible plan, sorry, you can't use a strategy, but most of us have some sort of HSA eligibility available to us. If you're not contributing to it, maybe you should think about that. And here's why. Whenever you add money to an HSA, you're deducting that out of your income just like you would be making a traditional IRA or traditional four zero one ks contribution, so you're not paying tax on that. But the key with an HSA is there are no RMDs on that account while you are alive.
• 13:36
  So you get the tax deduction on the front end, but you don't have to take the money out ever. Now, another benefit of the HSA is once you reach age 65, you do not have to use that money for medical expenses. You can take that money out at any point 65 or later for any reason, you just pay a normal income tax on that distribution just like you would a traditional IRA. So think of it this way, your HSA, it does not have RMDs in the future, but it operates like a traditional IRA in terms of how you can use it once you do reach age 65. So that's an opportunity.
• 14:08
  So maybe a quick little hack here would be, let's assume that you are maxing out your four zero one ks right now, you're putting everything into the tax deferred side, and you are not putting any money to an HSA. Let's just use this hypothetical. Instead of maxing out your four zero one ks and doing the tax deferred portion all the way up to that max, what you could do is you could subtract out however much you would be able to add to the HSA in any given tax year as a family, and then you could add that amount to your HSA every year, and you could reduce down your four zero one ks contributions, but regardless, you're gonna get to same amount of tax deduction between both accounts combined, but you're building up a larger asset in your HSA that does not have RMD. So you get to the same spot tax wise in this current tax year that you would be doing that, but you're helping yourself out by limiting how many RMDs you might have in the future. So that's one little hack for you that maybe you didn't know about.
• 14:57
  Okay, so those are a few things that you can do before retirement as you prepare for this big RMD issue that you might have. Now, what's some things that you could do after you've retired? Well, something to know here is that whenever you retire depending on your age, typically, that's going to be the best time. The first few years are going to be the best time to do any sort of tax planning or tax optimization in terms of Roth conversions or strategic withdrawals and making sure you fill up certain tax brackets or anything like that. This is going to be the sweet spot.
• 15:28
  So this is called maybe your gap years and I'll explain what this looks like. So let's say you retire at 60. Well, if you're not gonna take your social security until 67, you've got a seven year window there, that's gonna be your most optimal time to do any sort of tax strategies because you have no income, you just retired, so you're not earning any income. You also have no other fixed income hypothetically, meaning you don't have a pension, or you don't have your social security yet, because that's not turning on until 67. So you've got technically no income tax right now until you take money out of your portfolio, maybe have some dividends or interest in your brokerage account or bank accounts.
• 16:04
  Obviously, that's going to be a given, but the key is, is this is going to be probably your lowest tax years throughout retirement because you don't have an earned income and your Social Security is not on yet. So this is where you really want to ramp up your different strategies and things that you can do to lower those RMDs in the future. So this is your gap years, this is the sweet spot. Now, what can you do during this time period? Well, the first thing is, as you can use strategic withdrawals, or I kind of refer this to like a spend down strategy or intentionally spending down certain account types first to help fill up certain tax brackets.
• 16:33
  So if you need $100,000 a year to live on in retirement, and you've got $3,000,000 in an IRA, you also have some brokerage account money, and you also have some Roth IRA money as well. You might want to start spending all of your $100,000 that you need. You might want to pull all of that out of your traditional IRA so that you're intentionally lowering that tax deferred balance rather than using your brokerage account or using your Roth IRA as income during these years. So you're strategically trying to fill up that ten, twelve, perhaps even the 22% tax bracket there by taking money out because if you've done any planning and done any projections, you see that my taxes are gonna be actually so much larger, if not double what they are today, if I don't do anything to lower these balances because RMDs will eat me alive. So strategic withdrawals and taking money intentionally from your IRAs or your tax deferred accounts first might be a good option for you.
• 17:26
  Again, you've got to evaluate this for your situation, see how this might apply. Now, the second thing that you can do here during these gap years is going to be Roth conversions. And this could be done in conjunction with strategic withdrawals, like I just mentioned, although it would be maybe smarter to use some of your brokerage account as income in this different in this scenario, but Roth conversions are a way to lower how much money is in your tax deferred accounts in really big chunks. So let's say again, you got that $3,000,000 portfolio, that's all tax deferred, you have a few brokerage or cash assets outside of that. You might want to think about using your brokerage or cash to live on and then converting as much money to Roth as possible, which means you're going to pay the tax on that every year that you do that conversion.
• 18:04
  But if you can do that, you're going to build up number one, you're going build up your Roth IRA assets, that's going to be tax free money once it's there, but then also you're reducing how much your taxes would be in the future because your overall tax deferred balances are decreasing while you're doing that. So this is going to be a decision based on what your current tax rate is today and what your tax rate might be in the future. Okay, so this is something you got to do some really good planning on and kind of look and project forward and say, if I don't do anything today, what's going to be my tax liability on these R and Bs in the future? Oh, that's going to be really bad. That's going to be too large.
• 18:38
  I'm gonna pay way too much in taxes at that point. So now you can start looking and say, how much can I convert? What tax bracket should I convert up to right now in these different gap years that would lower my tax bill throughout the rest of my life? So the Roth conversion game is really about lowering your tax bill throughout the rest of your life rather than lowering your tax bill this year. You're kind of looking forward and saying, I want to pay less taxes overall over the next twenty to thirty years.
• 19:03
  Our Roth conversion is going to be able to help me do that. Now, there's kind of a next level thing that you can do here in conjunction with your Roth conversions, and that would be to use a donor advised fund in the same year in which you are doing the conversion. So let's assume that you're charitable. If you're not charitable, I would probably advise not to like do a donor advised fund or make yourself charitable for some reason just to save taxes. If you're already charitable or you plan to be in the future, a donor advised fund might be the right thing for you.
• 19:28
  But what this does is it allows you to create this donor advised fund account where you can add money to it. So if you have, let's say appreciated stock holdings in a brokerage account, or maybe have a bunch of cash on the sidelines and you want to do a Roth conversion, but you don't want to pay the taxes on it because it's going to be a lot of taxes because you need to do a large conversion. What you can do is you can add money to this donor advised fund, which creates a tax deduction in the tax year in which you do that. And you can also do a conversion in the same year and those two things can offset each other. So let's do a hypothetical really quickly.
• 19:59
  Let's say you've got $500,000 in a brokerage account. Let's say you've got 3,000,000 still in your IRA, and you need to do a, I don't know, $200,000 Roth conversion this year. What you can do is you can take $500,000 out of that brokerage account. In that perfect world, you would use highly appreciated assets. So something that's gone up the most, you would take that and you would put $200,000 of that amount into your donor advised fund.
• 20:23
  So that's your deduction 200,000. You then convert $200,000 of your 3,000,000 to your Roth IRA. That 200,000 is now being offset by the the charitable contribution you made to your donor advised fund in that tax year. So you're gonna pay no taxes. Okay, on the Roth conversion, and you're also going to fulfill your charitable obligations or the charitable things you want to do in the future because you've now funded a donor advised fund that you can pull from and give to different charities over time throughout the rest of your life.
• 20:50
  So the key with the donor advised fund is you get that tax deduction in the year you make the contribution, even though the charities do not have to receive that money in that same tax year. That's kind of a next level idea, and there's maybe a certain level of wealth you have to have to do that, but it is something that is very powerful. If you're both charitable and you need to be doing Roth conversions. Now, I'm going to continue on here. One of the things that you should probably be doing if you have a major tax issue in the future by these RMDs, what you're going to do is you're going to want to delay your Social Security.
• 21:20
  And you're like, Jacob, I worked really hard. I paid into the system. I don't want to delay it. I want to get what I can get because I don't want to wait any longer. I don't know how I'm going to be here.
• 21:29
  And I get that. I understand that. I understand why you'd want to do that. But here's the problem, if you take your social security too soon, let's say at 62, you're taking up tax bracket room, meaning you're not gonna be able to convert as much money at low tax brackets in your Roth conversions. So if you still have that $3,000,000 in an IRA and you take your social security immediately or even at 65, you're cutting down the number of years in which you have the opportunity to do Roth conversions at the lowest tax brackets.
• 21:54
  Now, you can still do Roth conversions, but you'd just be paying a higher tax rate on at least a portion of that. And you're going to be creating more taxes on your actual Social Security benefits. So you're going to net less out of Social Security because you are paying more tax on that. So it's something to consider. You've got to pay attention to your total tax bill and all of your different income sources and see what should I do and your tax plan definitely plays a factor in when you take social security and your overall income plan.
• 22:21
  Now, again, I'm going to go back to asset location here, you would still want to make sure you could do this before retirement, but you can continue this in retirement. You want to make sure that your traditional IRAs or tax deferred accounts are in some sense limited in terms of how much they would grow. You would want your Roths and your brokerage accounts if possible to be the higher growth account types. So that's another thing. And I've got two more here for you.
• 22:42
  If you are charitable, we've talked about donor advised funds already. If you are charitable, you can do what's called a qualified charitable distribution in the future whenever your RMD start. And what that does is, is you can give annually to your favorite church or charity, and you can give that money as a qualified charitable distribution. And what that does is, is that fulfills your required minimum distribution obligation. So if let's say for example, you want to give $50,000 to a few different charities, and you wanna do that for the rest of your life across each one, and you have a $50,000 RMD that you're required to take this year.
• 23:16
  Well, you can take your RMD by doing a qualified charitable distribution, you can give that money to those different charities, and you don't pay taxes, the charities of the church or whoever you're giving to, they receive that money, and they get to do whatever they need to do with it. So that's your way to do again, two things. You can fulfill your desire to give and be charitable, but then also you can fulfill the obligation you have to make your RMDs every single year. So with that, there's an underlying thing I want to comment on here as well. Many people think that traditional IRAs are terrible.
• 23:46
  If you have RMDs at all, that's really bad. That is not true. In some sense, want to reduce your RMDs down to a certain amount depending on your situation. So if you know that you're going to be charitable every single year, do Roth conversions down to a certain amount to where your RMD in the future would actually be the correct amount to give to that charity using that QCD. So you never have to pay tax on the money left in that IRA.
• 24:11
  If you plan this out correctly and do the math on this and do the right amount of conversion. So converting all the way down to zero is typically not going to be the right strategy because you're giving up some opportunities to pay low taxes on that money in the future or even no taxes if you're doing those QCDs as well. And finally, you need to pay attention to how your beneficiaries are named on your account. So if you're married, make sure that your spouse, if you want them to receive it, make sure your spouse is named as the primary beneficiary because they get the opportunity to assume that money as their own and perhaps even delay their RMDs on that money as well. If you leave your accounts to non spouse heirs, they're going to have to take that money out again over that ten year period due to the secure act.
• 24:55
  So what that would do is that would create a lot of taxes potentially for them and ultimately leave them with less money than you would like to as a percentage of your total nest egg. So making sure you have the right beneficiaries named and having your estate plan tailored to you and your needs based on your wealth level, that's gonna be important as well to help minimize number one, your taxes or your spouse's taxes in the future, but also your heir's taxes whenever you pass and they receive that money. So here's kind of the big takeaway on this is RMDs could be a big problem for a lot of people depending on how much money they have in those tax deferred accounts. If you're not planning for it, it's gonna be a rude awakening for you in the future. And just one comes to mind here, another issue, sorry, is going be the fact that you could be paying higher premiums on your Medicare in the future due to Irma surcharges because your RMDs might be so much that you get pushed into higher Irma income tax brackets making your making your premiums on your Medicare elevated forever.
• 25:46
  So that's another thing that just kind of pops into mind. So this tax issue does not go away. Having more money in tax deferred accounts does not fix it. And I found that a lot of people end up focusing just on how much they have on paper instead of how much they have whenever they factor in taxes because it could be upwards 30 or 40% less when you factor in taxes, depending on how your total nest egg is built and saved. Now, RMDs are not always an issue for everyone.
• 26:10
  Typically, if you have less than a million dollars, they might not be a huge issue because you're gonna be spending that money down and your RMDs in the future might end up being however much you you need out of the account anyway. So you've got north of a million dollars, this is where this tax planning and the considerations you've got to think about really come into play. But what I want to say here as well is, you know, I talk about different strategies all the time, such as tax gain harvesting or finding a way to pay no taxes on any of your income because of how you structure your income. Those are great strategies, especially for those of you who Roth conversions don't make sense for. So you really have to understand what your situation needs and dictates based on careful planning.
• 26:46
  So you got to think about this, you got to plan for it, you got to be able to adapt over time and make adjustments and changes. And really what it comes down to is just evaluating you and your situation, not following all the rules of thumb or all the things that I even talk about. You gotta take everything that I talk about all the ideas and strategies and figure out which ones actually apply and fit with your situation. So hopefully this episode has been helpful for you as you evaluate your ways that you can reduce your future tax payments, reduce the future RMDs that you might have. And if this was helpful, I would really appreciate it if you gave a rating and review there on Apple Podcasts or Spotify, and also feel free to share it with a friend that could benefit from it as well.
• 27:25
  All right, thank you for tuning in. We will talk to you again next week. Hey, it's Jacob again, and I wanted to extend a quick offer to you. If you have a question and you would like to have it answered here on the show, please email me at Jacob@retirementanswers.net. And I'd love to answer that question for you right here on the show.
• 27:44
  Also, I wanted to remind you that nothing discussed in today's episode is meant to be financial, legal, or tax advice. Retirement Answers is for educational purposes only. Thanks for tuning into this week's episode. I look forward to talking with you again next week.