Our daily roundup of retirement news your clients may be thinking about.
Meeting your first RMD deadline Retirees who turned 70 1/2 in 2016 have until April 1 to take required minimum distributions from their tax-deferred retirement accounts, according to this article on Kiplinger. Those who failed to make the withdrawal last year are advised to withdraw the funds by March 31, as April 1 falls on Saturday, says an expert. They will also have to take another RMD this year, which can increase their adjusted gross income, push them to a higher tax bracket and face a Medicare high-income surcharge. To prevent an increase in taxable income, clients may want to donate the funds directly to a charity.
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