If you’re at least age 72, you probably know that you’re in what’s called “Required Minimum Distribution” territory. This is when you’re required to take at least a minimum amount of money from your tax-deferred retirement accounts and pay taxes on that amount. For people with especially large accounts, taking even the minimum can result… View Article
Required Minimum Distributions (RMDs) are a fact of life for most IRA owners who are at least 72 years of age. A certain amount of money must be distributed out of the IRA each year, or the IRS imposes a strict penalty on the missed amount. How strict? 50 percent of the amount you were… View Article
Required Minimum Distributions (RMDs) from your retirement plans can be a really tricky thing to navigate. As you probably know, RMDs are withdrawals you have to make from most retirement plans when you reach the age of 72 (it was 70 ½ for those of you born before July 1, 1949). The amount you’re required… View Article
In the world of financial planning, it’s often better to do things sooner rather than later. That is, after all, why you do planning, isn’t it? No point in waiting until the very last minute. As it’s still early on, there are some things that you’re much better off taking care of right now, before… View Article
When it comes to financial planning and investing, knowledge is power. The more you know, the more likely you are to recognize the benefits and consequences of making certain financial moves. This may be especially true with taxes. Most people would probably agree that if you can find a way to legally pay less in… View Article
If you inherit an IRA or a 401k, there are some rules in place that will ultimately require you to take the money out and pay taxes on it. The SECURE Act of 2019 has provisions that affect required minimum distributions, or RMDs. Do any of those rules apply to you? Here are some things… View Article
As you get closer to, or into, your required minimum distributions, you may find that the requirement to remove a percentage of funds from your tax-deferred retirement accounts is a bit of a tax burden. Of course, if you need those funds to pay your monthly expenses, there’s not much you can do except bite… View Article