The required minimum distributions (RMD) apply to most retirees 70 and a half years of age. If these requirements are not observed, certain tax-deferred retirement accounts face stiff penalties costing up to 50% of the RMD requirement. It's important to understand the RMDs for your tax-deferred accounts to avoid losing your retirment.
What is Required Minimum Distribution (RMD)?
At the beginning of the year in which you turn 70 and a half you are generally required to withdraw a minimum amount (RMD) generally from your tax-deferred retirement accounts. These accounts might be
Exceptions to Required Minimum Distribution (RMD)?
However, situations differ and under some circumstances, RMDs are not enforced. For example, Roth IRAs are not held to a required minimum distribution. Additionally, it you are employed past the year in which you turn 70 and a half, you may be able to defer withdrawing the required minimum distribution from a Keoggh, 401k or other employee-sponsored plans until a year after you retire.
Jamestown's Required Minimum Distribution Experts
Our Jamestown financial advisors and wealth management experts will help you understand the RMD requirements applicable to your assets and then help you find the best avenues for investment tailored to your wealth management plans.
For more information about how we can help you meet your financial goals, send us a message or call us at 801.377.9787.
View our other financial services: