What to Know About Required Minimum Distributions From Retirement Plans

The rules for RMDs have changed and you will want to know how much you must take out of your retirement plans and when. We explain it all on this episode of Friends Talk Money, including year-end advice.

• Calculating your RMD | Terry Savage
• Charity Contributions from IRA RMD | Terry Savage
• Financial Planning for Retirement | Pam Krueger, Wealthramp.com

Required Minimum Distributions: 

• Age 73: Must Take RMD before year-end from all plans except Roth
• Pay Ordinary Income Taxes (consider withholding)
• Based on Balance in All Accounts Year-end Previous Year
• Calculate online at IRA custodian
• Input age and last year-end account value, spouse age
• Withdraw from one or several accounts
• 40l(k) accounts require separate RMD