Take Your 2023 RMDs If someone in your family has turned 73 in 2023, it may be time to start taking the required minimum distributions (RMDs) from an old 401(k) or a traditional IRA. These distributions are required so that the IRS can collect tax revenues on these “before tax” contributions. The laws for these RMDs recently changed and HERE is a quick guide designed to help you estimate how much you need to take out before April 1, 2024. The good news is that the penalty for missing your RMD has gone down from 50% to 25%. Happy Holidays! Convert To A Roth IRA One way to minimize your lifetime tax burden may be to convert your old 401(k) to a Roth IRA. Two of my financial planning clients recently toyed with the idea of converting their before tax money to after tax money through the Roth conversion process. For one of them (a single female, aged 69), a Roth conversion could allow her to generate $55,413 in additional wealth over her expected lifetime. For the other planning client