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Posted by: Myrick CPA Posted on: Jan 11 2024

Clarifying Required Minimum Distributions: A Retirement Income Roadmap

The golden years often conjure images of carefree days filled with leisure activities and well-deserved relaxation. But for many retirees, a financial reality called the Required Minimum Distribution (RMD) comes into play, impacting their income and tax obligations. So, what exactly is an RMD, and how does it work? Find out how you can navigate the intricacies of RMDs, clarifying who needs to take them, how they're calculated, and the potential consequences of ignoring them.

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Financial Analysis or Financial Planning: Understanding the Difference

In today’s complex financial landscape, individuals and small businesses alike are confronted with a staggering array of financial decisions. Focusing on everything from day-to-day expenses to far-reaching long-term goals and all that lies between doesn’t have to be so challenging, though. Learning a few basics can make all the difference. 

While financial analysis and financial planning are both indispensable tools for achieving financial wellness, it’s vital to understand the critical distinctions between them.

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