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10 Things to Know About RMDs

10 Things to Know About RMDs

| May 01, 2024

Dealing with Required Minimum Distributions (RMDs) from your retirement savings can be tricky if you’re unsure of the rules. So today, we’re going to talk about RMDs and 10 specific things you should know about them in order to ensure you’re making the most of your retirement savings.

Listen in to learn about important dates and ages, as well as the changing thresholds. You'll learn the different rules for RMDs in different types of retirement accounts, how to calculate the correct RMDs for your age, and how to avoid pesky penalties for not withdrawing enough.


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What You’ll Learn:

  • Why you have to start paying tax on your savings.

  • The changes in the RMD thresholds over the last few years.

  • What you need to do at age 73 (especially if you turn 73 this year).

  • RMD exemptions and delays.

  • The differences between RMDs for different kinds of accounts.

  • How to avoid the penalty for not taking the correct RMDs.

  • How to calculate your RMDs and where you can find those calculations.

Ideas Worth Sharing:

  • “Your RMD threshold depends on your age.” - Regina McCann Hess
  • “The minimum amount that you should withdraw each year is calculated by dividing your account balance at the end of the previous year by the distribution period based on your age (found in the table published by the IRS).” - Regina McCann Hess
  • “I start having conversations with my clients a couple years ahead of their Required Minimum Distribution age. And that’s so we can start planning.” - Regina McCann Hess

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