Ask Terry Questions Turning 73 – should I defer my first withdrawal till 2025?

Turning 73 – should I defer my first withdrawal till 2025?

By Terry Savage on February 25, 2024 | Financial Planning / Retirement

Hi Terry,
I turn 73 in February 2024. I read about deferring my first withdrawal into a Roth until 2025. Is this correct and a good idea?
THanks,

Terry Says

Probably not. It will raise your income in 2025 — perhaps enough to increase your Medicare Part B premiums! Or put you in a higher tax bracket. Keep it simple. Take your first RMD in the year you reach age 73.

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