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Erika: Thanks, Larry! So we’ve actually had a few questions come into the live room. So I’m going to start with the first one. This one’s from Nino and Elva and they ask ‘How do you prepare your investor’s account for required minimum distribution so the principle keeps growing?’
Adam: I think Larry just answered that question essentially. What we’re trying to prevent is the tax bomb down the road. And we’ve got very sophisticated planning software and this is also where we collaborate with Lange because if you can keep these RMDs low, that also might enable you to do Roth conversions or any other tax minimization strategies later.
Jim: And I’ll just add, for people that are already taking minimum required distributions; we are big fans of using a technique called qualified charitable deductions or QCDs where money comes directly from your IRA and it goes directly to the charity of your choice. And that is typically the most tax-efficient. It reduces your IRA which will reduce your future required minimum distributions and it also gets money to the charity of your choice.
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