Reported 1 day ago
At 74 with $120,000 in your 401(k), while it's not mandatory to hire a financial advisor for managing required minimum distributions (RMDs), consulting one can be beneficial. An advisor can assist in deciding which investments to sell, navigating tax implications, and ensuring the correct amount is withdrawn to meet RMD requirements. Since RMDs can impact your taxable income, considered planning can help maximize retirement funds and minimize tax burdens.
Source: YAHOO