If you have the skills, create a portfolio of products that your art would be great on. If you want to do toys, create some with your work. If you want to sell yourself as a voiceover, create pretend commercials or jingles that youâd do.
Depending upon the terms of your 401(k) or other employer plan, you may be able to delay taking RMDs until April 1 of the year following the later of the year you attain age 70 Â½ or the year you retire, provided you are not a 5% or greater owner of the business.
While delaying your first RMD may seem to make sense if you don't need the money, there's another consideration. Even if you wait until the April 1st deadline, you still have to take your 2nd RMD by December 31st of that same year--two distributions in one year. Distributions are considered ordinary income and are taxed as such. Taking two in one year could bump you into a higher tax bracket. Best to think big picture.