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🚨 CRITICAL RMD UPDATES & HOLIDAY DEADLINES: Long Island Retirees Must Diversify Savings for Long Term Care! 🎄💰 #RetirementPlanning


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🚨 CRITICAL RMD UPDATES & HOLIDAY DEADLINES: Long Island Retirees Must Diversify Savings for Long Term Care! 🎄💰 #RetirementPlanning

The Savvy Retiree Digest
Archives
🚨 CRITICAL RMD UPDATES & HOLIDAY DEADLINES: Long Island Retirees Must Diversify Savings for Long Term Care! 🎄💰 #RetirementPlanning

Larry Speir
Dec 5, 2025
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"Long Island is more than just a place - it's a feeling, a lifestyle, a community." |
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Interesting Facts |
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For thousands of retirees across the Las Vegas valley, navigating retirement accounts has new complexities due to recent federal changes.
These updates to Required Minimum Distribution (RMD) rules are critical for protecting your financial future.
First, the Secure 2.0 Act has pushed the starting age for RMDs from 72 to 73 for many individuals.
It is set to rise again to 75 for those born in 1960 or later, allowing investments more time to grow.
Second, the IRS has significantly reduced the penalty for a missed withdrawal.
The penalty has been slashed from a staggering 50% to a more manageable 25%, and can even drop to 10% if corrected promptly.
Be aware, however, that delaying your first RMD can create a tax trap, potentially requiring two distributions in one year and pushing you into a higher tax bracket. Read More... |
🎄 LONG ISLAND HOLIDAY WEEK ITINERARY (Dec 5–11, 2025) |
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Can you retire only on Social Security? |
The article discusses how relying solely on Social Security for retirement may not be enough for most people to live comfortably. It emphasizes the importance of saving for retirement through other means such as 401(k) plans, IRAs, and personal savings. Additionally, the article highlights the benefits of delaying Social Security benefits to increase monthly payments. It also mentions the potential impact of inflation and healthcare costs on retirement savings. Overall, the article suggests that a combination of Social Security and personal savings is essential for a financially secure retirement. Read More... |
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How to Use Existing Assets to Pay for Long Term Care Should You Need Long Term Care |
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