Wisdom to Wealth- Monday, July 19
John Halterman: Are you over the age of 72 and worried about required minimum distributions? Commonly known as RMDs, because that’s a big question I get all the time is: ‘What’s an RMD?’ Well, basically, if you have qualified money, the IRS wants you to take money out at a certain period of time. It’s called required minimum distributions. Now, it used to be you had to do it at 70. They just recently moved it to seventy-two and a half. And they’re proposing law to do it at 75. But, basically, the IRS has a table, RMD tables, that calculates how much you need to take out on an annual basis. It’s usually somewhere between two to four percent. You have to calculate it. But what I tell people, if you’re a client of ours, we will do that automatically for you. RMD distributions are nothing that you have to worry about. You know, we will take care of it. For more answers, call or visit our website today.
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