Page 18 - Southern Exposure - November '23

Page 18, Southern Exposure

finanCial foCuS ®

What Should You Know About RMDs?

By Sally Sima Stahl

You may spend decades does call for RMDs, you do need to take them, because if you a qualified charity, avoiding the taxes that might otherwise
contributing to various don’t, you could face tax penalties. Previously, this penalty result if you took the RMDs yourself. After 2023, the
retirement accounts. But for was 50 percent of the amount you were supposed to have $100,000 limit will be indexed to inflation.
some accounts, such as a taken, but SECURE 2.0 reduced it to 25 percent. Of course, before you start either a Roth IRA
traditional IRA and 401(k), When you take your RMDs, you need to be aware of a conversion or a qualified charitable distribution, you will
you must start withdrawing key issue: taxes. RMDs are taxed as ordinary income, and, need to consult with your tax advisor, as both these moves
funds at a certain point. What as such, they could potentially bump you into a higher tax have issues you must consider and may not be appropriate
should you know about this bracket and possibly even increase your Medicare premiums, for your situation.
requirement? which are determined by your modified adjusted gross But it’s always a good idea to know as much as you
To begin with, the rules income. Are there any ways you could possibly reduce an can about the various aspects of RMDs – they could play
governing these withdrawals RMD-related tax hike? a big part in your retirement income strategy.
– technically called required You might have some options. Here are two to consider: This article was written by Edward Jones for use by
minimum distributions, or RMDs – have changed recently. • Convert tax-deferred accounts to a Roth IRA your local Edward Jones Financial Advisor, Edward
For many years, individuals had to begin taking their RMDs account. You could convert some, or maybe all, of your Jones, Member SIPC.
(which are based on the account balance and the IRS’ life tax-deferred retirement accounts to a Roth IRA. By doing Edward Jones is a licensed insurance producer in
expectancy factor) when they turned 70½. The original so, you could lower your RMDs in the future – while all states and Washington, D.C., through Edward D.
SECURE Act of 2019 raised this age to 72, and SECURE adding funds to an account you’re never required to touch. Jones & Co., L.P., and in California, New Mexico and
2.0, passed in 2022, raised it again, to 73. (If you turned 73 So, if you don’t really need all the money to live on, you Massachusetts through Edward Jones Insurance Agency
in 2023, and you were 72 in 2022 when the RMD limit was could include the remainder of the Roth IRA in your estate of California, L.L.C.; Edward Jones Insurance Agency of
still 72, you should have taken your first RMD for 2022 by plans, providing an initially tax-free inheritance to your New Mexico, L.L.C.; and Edward Jones Insurance Agency
April 1 of this year. You will then need to take your 2023 loved ones. However, converting a tax-deferred account to of Massachusetts, L.L.C.
RMD by Dec. 31. And going forward, you’ll also need to a Roth IRA will generate taxes in the year of conversion, Edward Jones, its employees and financial advisors
take your RMDs by the end of every year.) so you’d need the money available to pay this tax bill. cannot provide tax advice. You should consult your
Not all retirement accounts are subject to RMDs. They • Donate RMDs to charity. In what’s known as a qualified tax advisor regarding your situation.
aren’t required for a Roth IRA, and, starting in 2024, won’t be qualified charitable distribution, you can move up to Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
required for a Roth 401(k) or 403(b) plan. But if your account $100,000 of your RMDs directly from a traditional IRA to 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

Cleveland CliniC

florida newS

Do You Need Lung Cancer Screening

If You Quit Smoking?

According to the American Cancer Society, smoking smoker, do you still need to think about having a lung enough to tolerate the evaluation and treatment of any
contributes to 80 and 90 percent of lung cancer deaths in cancer screening? lung nodules or lung cancers that are found.
women and men, respectively. According to pulmonologist Ivan Romero-Legro, If your doctor recommends screening, look for a
But what if you quit smoking? Quitting has some health M.D., who sees patients at Cleveland Clinic Weston program whose experts take the time to discuss its risks
benefits that start right away and others that can lead to Hospital, lung cancer screening is recommended for those and benefits with you and are experienced in lung cancer
improved health over many meeting the criteria for high risk including: evaluation and treatment.
years. • Age 50 to 80 with at least a 20 pack-year* history of Meanwhile, tell your doctor right away if you have any
The risk of having lung smoking and currently smoking or quit less than 15 years of these worrisome symptoms – you may need testing to
cancer or other smoking- ago, or confirm or rule out the presence of lung cancer:
related illnesses decreases • Age 50 or older with at least a 20 pack-year* history • A new, persistent cough or coughing up blood
after you stop smoking of smoking and a history of one additional risk factor such • Unexplained shortness of breath or chest pain
and continues to decrease as a family history of lung cancer, exposure to known • Unintentional weight loss
the longer you go without carcinogen, COPD, emphysema or other cancer. To learn more and complete a lung cancer risk
smoking, though your risk *Pack-year equals the number of packs smoked per assessment, visit ClevelandClinicFlorida.org/
will never be as low as day multiplied by the number of years smoking. LungCancer today.
that of someone who never It is important to note that:
smoked. • Lung cancer screening is not recommended if your
So, i f you’ve risk of lung cancer is low, because the harms of screening
successfully kicked the may outweigh its benefits.
habit and are now a former Ivan Romero-Legro, M.D. • Screening is worthwhile only if you are healthy

THERE’S A NEW DERMATOLOGIST IN THE NEIGHBORHOOD.

Yuval Bibi, M.D., is board certified by the American Board of Dermatology Associates of the Palm Beaches is a group
Dermatology, and is now providing care at our Palm Beach practice of board-certified dermatologists and fellowship-
trained Mohs surgeons providing general dermatology,
Gardens and Delray Beach offices. Dr Bibi’s clinical practice surgical dermatology, and cosmetic dermatology services.
Our physicians are also recognized leaders in the diagnosis
interests include general dermatology, surgical dermatology, and treatment of skin cancer.
as well as a special focus on genital dermatology, mucosal
dermatosis, and scalp and nail disease. Dr Bibi sees both

adults and children. He is a native of Jerusalem, Israel,
where he earned his medical degree, as well as a PhD at Ben Make an appointment to see Dr. Bibi

Gurion University. He completed his residency training at one of these offices:
at the combined Boston University-Tufts University Palm Beach Gardens Delray Beach
10335 N. Military Trail 2605 W. Atlantic Ave.
Dermatology program. He looks forward to providing Suite A Suite D 204
Palm Beach Gardens, FL 33410 Delray Beach, FL 33445
you with excellent dermatology care. (561) 622-6976 (561) 819-5822