PODCAST

Ep 6: What to Know About Required Minimum Distributions (RMDs)

As the end of the year approaches, people start taking a closer look at those tasks that need to be finished before the calendar changes. One that always comes up around this time is Required Minimum Distributions (RMDs).

Whether you’re at the age where you have to start pulling money out of your qualified accounts or still a few years away, you need to know what’s expected of you and how best to manage those distributions. Many people don’t realize there’s a steep penalty if you don’t take the RMDs on time so we don’t want you to make that mistake.

Since we get questions on RMDs quite a bit, let’s dive in a little deeper on what you need to know. What do these actually mean? Who does it apply to? How might it change in the coming years? We’ll answer those questions and more on this episode.

Here is some of what you will learn in this episode:

  • What is an RMD? (2:21)
  • How do you determine how much needs to be taken out? (6:36)
  • The penalty you face if you forget to take your RMDs. (9:23)
  • What would the SECURE Act 2.0 change about RMDs? (12:28)

 

Additional Annuity Resources:
https://www.investopedia.com/terms/r/requiredminimumdistribution.asp 

 

If you have any questions about what we discussed or anything else in your financial plan, email us at office@bulmanwealth.com.

 

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At Bulman Wealth Group, we believe everyone should live the retirement that they’ve always wanted. To do that, we feel you need to look beyond savings and investment. We believe—that’s what you’ve been taught to look after—but we think there are actually five pillars of retirement planning that need your consideration including investment, income, taxes, health care planning and legacy planning.

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The following content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital. Opinions expressed are solely those of Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed accuracy and completeness, and does not purport to be a complete analysis of the materials discussed.

Any statements or opinions expressed should in no way be construed or interpreted as a solicitation to sell, or offer to sell, advisory services to any residents of any State other than the States where otherwise legally permitted. Advisory services are offered through Chris Bulman Inc. dba Bulman Wealth Group and Brookstone Wealth Advisors (BWA), Registered Investment Advisors. Insurance products and services are offered and sold through Chris Bulman Inc. dba BWG Insurance Agency.