Your Wealth & Beyond

Over the years, we’ve received more questions about Required Minimum Distributions (RMD) than just about anything else - and because there’s so much information out there, I’m tackling this topic in a three-part series. In today’s episode (Part 1), I dive into the basics of the required minimum distributions, how they relate to your IRA, Roth IRA, and 401(k), as well as how to calculate this amount. If you’re not careful, the required minimum distribution can become a ticking tax time bomb. However, you can effectively utilize the benefits of the Tax Cuts and Jobs Act, as well as smart financial strategy, to ultimately reduce the total amount of taxes you have to pay. In this podcast interview, you’ll learn: Why you have to take money out from your qualified retirement accounts (401k, IRA, SEP IRA, etc) - and how to calculate what you're going to need to withdraw. What happens if you delay your required minimum distribution - and why it likely doesn't make a lot of tax sense. The one benefit the IRS gives yo