Unfortunately, you cannot keep your retirement funds in your account indefinitely. When you reach the age of 72, you generally have to start taking required withdrawals from your retirement plan account. This is an essential end-of-year financial planning topic because if this applies to you and you do not follow the rules of the IRS, you could be paying as much as a 50% penalty on the amount that wasn't drawn. So, in this episode, I will be explaining what you need to do to ensure you don't get penalized.
-----
We help business owners:
→ Understand the complexity of navigating a business transition
→ Assess their level of preparedness from a financial, tax, and legal perspective
→ Plan for the next chapter of their life
👉 Get Your Free Readiness Assessment!
-----
WANT MORE BUSINESS PLANNING TIPS?
Subscribe to the Business Exit Success Newsletter.
As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners.
Click here to subscribe and grab your free guide.
