Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
A required minimum distribution (RMD) is the minimum amount of money you must withdraw from pre-tax retirement accounts once you reach a certain age. In 2023, the age at which you must begin taking RMDs was raised to age 73. The year you turn 73, your RMD is due by April 1st of the following year.
One of the most common vehicles used for saving for retirement is a Traditional IRA and a Roth IRA. These accounts are great due to the tax-advantaged components and are not employer-sponsored. Which means virtually anyone with earned income can open an IRA account and save for retirement.
If you have ever been married, you may be eligible to apply for a “Spousal Social Security” benefit. This can provide significant financial support for married couples, but certain eligibility requirements must first be met. The determining factors include your age, work history, and marital status.
If you have ever inherited an IRA or other tax-deferred retirement account, you may be familiar with the 10-year RMD rule. If you are a beneficiary but have not yet inherited a tax-deferred retirement account, you must familiarize yourself with this rule. Your relationship with the original account owner will impact the distribution rules you are subject to.