Your Wealth & Beyond

As we approach the end of 2019, I wanted to take some time to talk about Required Minimum Distributions (RMDs). For those approaching the age of 70 ½, the government requires that you start taking out a portion of the money in your retirement accounts that you've been deferring for all these years.  Understanding what’s required can get complicated - and a lot of times mistakes are made. So, today I’m going to walk you through the top 10 RMD mistakes, goofs, and blunders to avoid.  #10: Rolling Over an RMD You cannot roll over your RMD. Let's say you have a $100,000 IRA account and your RMD is $3,800. You have to take that money out and pay taxes on it. You can do a lot of things with it - put it in your bank account, use it to travel, pay a credit card… But the one thing you can't do is roll it back into your IRA account (or another one for that matter).  Be very careful of that, especially if you have a 401(k) plan that is requiring you to take the RMD out.  #9: Husband & Wife Combining RMDs Another com