5 things to know about RMDs paid Impact_Partner
. “Many people nearing retirement age are surprised about the rules surrounding required minimum distributions ,” notes Diane Oakley, director for the National Institute on Retirement Security.
There are strategic ways to soften the impact of RMDs, but in order to be strategic, you first have to know the rules. Having an RMD game plan can help save your hard-earned money and enable your retirement nest egg to continue to grow. Here, what to know about RMDs to make the money you’ve worked for all these years start working for you.Distributions from your retirement accounts aren’t optional, regardless of your cash flow, and they’re required to be taken each year.
The exception is if you’re still working at a company and are participating in their 401 plan. For some, it may make sense to roll over previous eligible savings into that retirement account to delay taking an RMD. There are exceptions to this rule, including ones that depend on how much ownership stake you have in your employing company, so it’s best to check with a financial planner to figure out the best route for you.
Relying solely on a retirement calculator may be problematic, as the rules are not one size fits all. For example, if your spouse is 10 years younger than you and is listed as your sole beneficiary, you would use the Joint Life and Last Survivor Table. Some people in this situation may erroneously use the Uniform Lifetime Table, which could make your RMD higher than what you actually need to withdraw.
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