With December 31 right around the corner, now is the time to start thinking about those required minimum distributions – or RMDs. In simple terms, an RMD is the minimum amount that must be taken out of your retirement account each year once you reach age 70.5 or the year after you have inherited an IRA account. If you fail to do this in the correct amount by year-end, you could face a penalty of up to 50% of the total distribution amount. Don’t wait to the last minute to get your RMD squared away.
For professional assistance with your RMD calculations and distribution requirements, contactour office at 877-714-2362 to schedule a time to discuss.