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Did you know the government is going to force you to take money out of some of your retirement accounts as you get older, even if you don’t want to? In today’s episode, we talk about what required minimum distributions are, why they exist and when they might start for you. Ignoring them could lead to major taxes issues down the road that might be difficult to overcome.
We’ll also tackle the most common questions that we get about RMDs and some tips to improve your retirement plan along the way. If you don’t need those dollars from your RMDs for income, what should you do? Stay tuned to find out how required minimum distributions could impact your financial future.
Here’s some of what you’ll learn on this episode:
- When you ignore RMDs and don’t properly plan for them, it could lead to unnecessary tax expenses in the future. [0:55]
- What are RMDs? [4:31]
- Why do we have to take these RMDs and when do they start? [7:20]
- The potential tax risks of ignoring RMDs. [10:07]
- Is there anything you can do to avoid having to take these RMDs? [17:49]
Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.