In This Video:
Do you need to take your Required Minimum Distribution (RMD) from each separate account or can you take the total RMD from just one account? This is a common question that we get from people who are planning in retirement, but the answer will depend on a few different factors.
Things to Consider:
In this video, we’re going to walk you through an example of someone who has eight accounts, some of which are different and some are the same. We’ll talk about when they need to take their RMD from each separate account and when they can group the accounts together and take the overall RMD from one account.
Plus, we’ll share some ways you could potentially avoid having to take those RMDs and the taxes that come with them. We’ll close things out by providing you with options for what to do with that money once you’ve taken it out.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:08 – Which accounts take RMDs and how to calculate
2:10 – Today’s example
3:19 – Different account type
6:33 – How often should you take RMDs?
7:42 – Can you avoid RMDs?
9:14 – What to do with your RMD money?
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