Paces Ferry Wealth Advisors | Financial Planning Blog

4 Major Ways to Reduce Your Required Minimum Distributions (RMD)

Written by Zachary Morris, CFP® on January 20, 2026.

Did you know you can end up paying thousands more in taxes every year because of how and when you take money out of your IRA? This surprises a lot of retirees, and it usually comes down to required minimum distribution, or RMDs. RMDs are mandatory withdrawals from tax-deferred retirement accounts such as traditional IRAs and 401(k)s.

Under current law, RMDs begin:

At age 73, if you were born between 1951 and 1959
At age 75, if you were born in 1960 or later

If you are already taking RMDs, you may be familiar with how they work. The amount you must withdraw each year is based on your account balance as of December 31 of the prior year and is calculated using the IRS Uniform Lifetime Table, which factors in life expectancy. Below are three strategies, plus one major exception, that can help manage or reduce required minimum distributions.

5 Good Reasons Not to Get Long Term Care Insurance

Written by Zachary Morris, CFP® on December 5, 2025.

Long-term care insurance isn’t right for everyone. In fact, there are some situations where it might not make sense at all. We’re covering five reasons why you might not need long-term care insurance at all. If any of these reasons fit your life, you might actually be better off without a policy. Do you already have a policy that’s starting to feel like a burden? If so, learn how to reduce the costs without completely walking away.

The 6 RMD Mistakes Wealthy Retirees Can’t Afford to Make

Written by Zachary Morris, CFP® on November 24, 2025.

common required minimum distribution mistakes

Did you know that missing just one required minimum distribution (RMD) could cost you up to 25% in penalties from the IRS? But did you also know that if you catch the mistake within two years, you could get the penalty down to 10%. Learn about how penalties work, the most common required minimum distribution mistakes, and the steps you can take to stay on the IRS’s good side.

What is IRMAA? How to Avoid Medicare Premium Surcharges in 2025

Written by Zachary Morris, CFP® on October 31, 2025.

couple learning about IRMAA Medicare Premiums

Have you heard of IRMAA Medicare premiums? Did you know the Social Security Administration can charge you more for your Medicare premiums if you make over a certain amount of money? It surprises a lot of people. Especially new retirees who suddenly see a higher Medicare bill.

We’re covering everything you need to know about IRMAA (Income-Related Monthly Adjustment Amount), including how it affects your Medicare Part B (medical insurance) and Medicare Part D (prescription drug coverage) premiums. Even better? Learn how you can potentially appeal IRMAA and pay significantly less or nothing, depending on how much you’re making in retirement.

Can I Take Social Security While Working?

Written by Zachary Morris, CFP® on October 15, 2025.

Did you know you could end up owing thousands of dollars back to Social Security, even if you’ve already received the money? Sounds crazy, right? But it’s true. There’s one rule that catches a lot of people off guard. The Social Security earnings test. It’s one of the most misunderstood parts of Social Security. If you plan to keep working while collecting benefits, you need to know how it works.

Why a Pension Changes the Way You Should Plan for Retirement

Written by Zachary Morris, CFP® on September 30, 2025.

Are you planning to retire with a pension and want to make the most of it? Unlike 401(k)s or IRAs, pensions tout income for life. Knowing how to optimize your retirement benefits is crucial. Retirement planning goes beyond monthly checks.

Pension retirements are rare these days. How will you ensure stability, flexibility, and financial freedom? We’ll cover what most people don’t know about retiring with a pension.

4 Retirement Traps No One Tells You About

Written by Zachary Morris, CFP® on September 16, 2025.

Most people spend decades preparing financially for retirement, but very few consider the emotional and mental changes that come with it. Retirement isn’t only about money in the bank. It’s also about identity, purpose, relationships, and planning for the future. Retirement often feels more uncertain and overwhelming than it needs to. The transition out of work is a whole new stage of life with hidden retirement traps that can catch you off guard.

Life will look and feel different when the structure of work is no longer there. Let’s take a look at four challenges that often surprise people after they retire and how to navigate them.

6 Mistakes Your Financial Advisor is Making

Written by Zachary Morris, CFP® on August 31, 2025.

Ever wonder if your financial advisor is missing something important? Most people assume their financial adviser has everything under control. Sometimes, that’s true. But even the most well-meaning advisers can overlook important details. Not because they’re bad at their job, but because philosophies and best practices change. Not every adviser adapts to them.

These blind spots can snowball into setbacks like higher taxes in retirement, unnecessary risk, or missed opportunities you didn’t even know existed. Here’s a look at the most common mistakes financial advisors make and how to spot them before they derail your financial future.

The Money Saving Secret of Donor Advised Funds Explained

Written by Zachary Morris, CFP® on August 13, 2025.

Have you ever wondered what a donor-advised fund is and how you could use it to maximize your charitable giving and tax benefits? There are a few different ways to give to charity. Donor-advised funds (DAFs) or charitable gift funds are one of the most flexible and efficient tools for philanthropy and financial planning. In this post, we’ll break down exactly how DAFs work, how they compare to private foundations, what assets are best to contribute, and the smart strategies you can use to make the most of your giving.