Question: I'm retiring later this year at 67 with $2.6 million, most of which is in a traditional IRA. I'm worried about RMDs and taxes. What should I do?
Answer: As of 2022, the last year for which there's data available, the average 67-year-old retiree had about $609,000 in retirement savings, according to the Federal Reserve. Moreover, retirement savers in their 60s only averaged $257,000 in their IRAs. So if you're retiring later this year at age 67 with a $2.6 million IRA, you're clearly ahead of the game.
