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3 withdrawal strategies to maximize your retirement plan in 2021

·6 min read
3 withdrawal strategies to maximize your retirement plan in 2021

Under the Biden administration, we might see an increase in individual tax rates and other key tax policy changes that could have a direct impact on your retirement portfolio in years to come. With these changes on the horizon, now is a good time to revisit your retirement withdrawal strategy — or put one in place if you haven’t already — and ensure you are taking advantage of today’s low-tax environment. Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act that went into effect last year, the age to start taking required minimum distributions (RMDs) from tax-deferred retirement vehicles such as a 401(k) or IRA was raised from age 70 ½ to 72.