Video Tip for Retirement: Required Minimum Distributions
You might be thinking, “Since I don’t need the required minimum distribution from my retirement accounts in order to live on, can’t I just leave it in my retirement account?” If you do not withdraw the required minimum distribution when you reach retirement age (currently 73), the IRS will impose a penalty of 25%. The penalty can be reduced to 10% if you pay the missed RMD within two years. Further, after imposing the penalty, you are still required to make the withdrawal. You must make the withdrawals so that you can pay taxes to the government. The remainder of the withdrawal after taxes can be invested with the goal of building wealth outside your IRA. Let’s discuss strategies to help you invest money both inside and outside of your IRA. Give us a call today.
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