Taxes are one aspect of retirement planning that can be easy to overlook. Many people save money in a company 401(k) plan or a traditional IRA. However, beginning at age 72, federal regulations require that you withdraw a minimum amount of the balance from these accounts each year called an RMD. These withdrawals trigger tax consequences that may increase your taxes on these withdrawals and may also increase taxes on your social security and other income as well. It is important to have a comprehensive plan of where your income will come from each year. Contact Brokerage Specialists today to request a complimentary retirement income plan.