Retirees are often more afraid of running out of money than of dying. A study by JP Morgan Chase found that over 80% of retirees do not touch their IRA money until they reach the required minimum distribution (RMD) age of 73, only then withdrawing the mandated amount.
Certified Financial Planner Mike Douglas discusses the main reason why many retirees worry about outliving their savings. He touches on one strategy to minimize taxes and maximize charitable donations by using Qualified Charitable Distributions (QCDs), allowing retirees to transfer funds directly to charities without paying taxes.
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