If you’re like most Americans you have money invested in a 401k or a Traditional IRA account. What happens when you are required to start taking RMDs or required minimum distributions? What age do you need to start? How do you calculate your withdrawal? When’s the best time during the year to take your RMD? Should you take it at the beginning of the year? The end of the year? Does it even matter? The answer to that may surprise you.
Perhaps more than anything else, I get lots of questions about RMDs as clients approach retirement. Which is why this week on the podcast, I’m talking about:What You Need To Know Before You Start IRA Withdrawals.
Making missteps is very common among people who take RMDs but don't understand the rules, how to minimize taxes, or how to properly time their withdrawals each year. So I'll cover all of that and more in this week's tips.
Come on back tomorrow, where I’ll be diving in and answering the most frequent IRA withdrawal question I get: when do I have to start RMDs and why do I even have to take RMDs in the first place?
Thanks for listening to the One Minute Retirement Tip Podcast, aimed at helping you enjoy a meaningful and financially secure retirement. If you’re within 10 years of retirement or you recently made the leap into retirement, this podcast is for you.
I’m your host, Ashley Micciche, and each week, I take a retirement planning topic and I break that down into digestible daily doses of retirement wisdom, so in the time it takes to brush your teeth in the morning, I’m done talking and you’re a little bit wiser and better prepared for retirement.
That’s it for today. Looking forward to spending a couple minutes with you tomorrow, where I’ll tackle the most common question I get about IRA required minimum distributions - when do I have to start? The answer to this question changed in 2019 with the new SECURE Act, so I’ll clarify this tomorrow.
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