Avoid Costly Mistakes

Did you know that the IRS penalty for not taking a sufficient Required Minimum Distribution (RMDs) from your qualified retirement account is 50%? That’s right, 50 – the highest penalty the IRS assesses anywhere in the IRS Code. Once you reach age 72, Uncle Sam requires you to take distributions from your retirement accounts, so they can tax you on the distributions. Furthermore, every year after age 72, the amount that you’re required to take increases ever so slightly. One of the most important considerations when taking RMDs isn’t the age at which to start taking them. It’s whether your portfolio is properly allocated to take RMDs. Because, if your account isn’t earning enough in interest and dividends to satisfy your RMDs, then the distribution of funds will have to come out of your principal. Do this too often and you could end up spending down your principal toward the end of your retirement. In our upcoming RMD workshop we will cover the many variables you need to consider when taking RMDs, including:

● The tax implications of taking RMDs
● Which accounts to take your RMDs from first
● Important beneficiary considerations

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Event Registration

If you have any questions or would like to schedule a 15-min complimentary call, please call us at (772) 334-9592, or click here to submit your question or comment.