5 COSTLY Required Minimum Distribution Mistakes To Avoid!

🚀 COSTLY Required Minimum Distribution Mistakes to AVOID! 🚀
Are you approaching retirement or already enjoying your golden years? If so, understanding Required Minimum Distributions (RMDs) is crucial for managing your retirement accounts effectively. 💼💰
📌 What are Required Minimum Distributions?
RMDs are mandatory withdrawals that retirees must take from their tax-advantaged retirement accounts like IRAs and 401(k)s, typically starting at age 72 (or earlier in some cases).
❌ Mistakes to AVOID:
1️⃣ Procrastination: Missing the RMD deadline can result in hefty penalties, so mark your calendar!
2️⃣ Incorrect Calculations: Ensure you calculate your RMD accurately based on IRS guidelines or consult a financial advisor.
3️⃣ Wrong Account Selection: RMDs must be taken from each applicable retirement account, so don't mix them up.
4️⃣ Neglecting Inherited Accounts: Beneficiaries of inherited retirement accounts have RMD obligations too.
5️⃣ Forgetting Tax Implications: RMDs are generally taxable income, so plan accordingly to avoid surprises.
🤝 What to DO:
1️⃣ Stay Informed: Keep up with IRS rules and deadlines for RMDs.
2️⃣ Consult an Expert: Reach out to a financial advisor for personalized guidance.
3️⃣ Automate RMDs: Set up automatic withdrawals to ensure compliance.
4️⃣ Consider Charitable Giving: Qualified charitable distributions can satisfy your RMD and benefit your favorite causes.
5️⃣ Review Your Strategy: Regularly assess your retirement plan and adjust as needed.
Remember, proper RMD management is vital for a comfortable and secure retirement. Don't let costly mistakes derail your financial future! 🌟
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
[e-mail]
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
#retirementplanning #retirement #financialfreedom

[@yourfinancialekg]

**Free Retirement Download: The Checklist to Retirement:** 📊
pearlwealthgroup.com/

[@martinguldner3990]

Glad all my retirement account contributions are to a Roth IRA and a Roth 401k. My retirement income order 1. Use dividends, sell stocks using tax loss harvesting from a taxable brokerage account; I inherited from my brothers estate in 2020. 2. Wait until long as possible to apply for Social Security. 3. Wait as long as possible to take distributions from Roth accounts.

[@yourfinancialekg]

Awesome plan!

[@brucesmith9144]

This is really great information, Drew. I had not been aware that the RMD age had increased through the SECURE 2.0 Act to 75. This will apply to me. But strangely, Fidelity is showing my RMD age at 73 in my planning figures. Based on an article I found in _US News_ , those born on or after 1960 - I am in that group - can delay to age 75 which agrees with the information you presented.

[@yourfinancialekg]

Glad it was informative. Sometimes the custodians are just slow to update.

[@yanzukmjy]

Excellent job with the sound effects, they were the same volume as your voice 👍. Great content, i was totally unaware about mistake#3

[@yourfinancialekg]

Awesome, thank you!

[@user-hy9nw2fn2u]

Thank you for this video content.

[@yourfinancialekg]

Thank you for watching!

[@jeongmcelderry7001]

Great information!

[@yourfinancialekg]

Thanks for watching!

[@punisher6659]

Great content as always. Your #1 fan from St.Louis.

[@yourfinancialekg]

Much appreciated!

[@mitchthornton1820]

As far as good info goes that was a 9.5 …. 👍😊

[@yourfinancialekg]

Thanks 👍

[@rhondavigil795]

How are RMD calculated?

[@yourfinancialekg]

There is a RMD schedule that shows you how to calculate your early RMD on IRS.gov.

[@brucesmith9144]

@@yourfinancialekgdo you have a video explaining RMDs in detail? If not, it would be a great addition. Thank you.