Calculating Your RMD in 5 Easy Steps
One of the greatest advantages of retirement savings accounts are the opportunities for tax-deferred or tax-free growth; however, the government sets a time limit on how long these benefits can last by way of establishing required minimum distributions (RMDs).
An RMD is the minimum amount that must be taken out of your retirement accounts each year, typically beginning in the year that you turn 70½.
Taking your first RMD can be a daunting endeavor as you attempt to navigate the complex rules and regulations surrounding your retirement account and, unfortunately, one wrong move could leave you facing a 50% penalty.
Taking the right steps to calculate your RMD correctly can help ensure you avoid any costly mistakes.
For professional assistance with your RMD calculations and distribution requirements, contact our office at 703-466-0477 to schedule a time to discuss.
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AMJ Financial Wealth Management LLC is not affiliated with Triad Advisors, LLC