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“For many Americans, Social Security—financed by payroll taxes collected from workers and their employers—is their only means of retirement savings.” – This is a problem.
Raising from 72 to 75 the age for RMD is not just a benefit for the Financial Services industry (“which would benefit from fees”) but also to individuals would would not be subject to taxes on funds they may not otherwise need to access. Given that some (lucky) individuals are indeed living longer, the likelihood of outliving savings, particularly in cases of illness, is a fact.
What can be done is to fully disclose the pluses and minuses of earlier distributions and options to legally reduce tax liability vis-à-vis taxable distributions, tax bracket, and options such as Roth conversions.
And, many retirees who would like to work realize that it is counterproductive to do so given that the more one earns, the greater the likelihood that one may face IRMAA cost increases for Medicare — without the benefit of better coverage potentially available through an employer’s commercial insurance. A policy should allow retirees to work without an onerous increase in Medicare cost. (Contrary to popular belief, Medicare is not free. Medicare premiums are deducted from Social Security payments or are billed directly in some cases. And for those who earn above a certain thresholds, Medicare premiums are increase in a stepwise manner — but coverage remains the same. Switching to an employer’s insurance plan then back to Medicare is complicated.)