Understanding RMDs: A Guide For Retirees & The Soon-to-Retire
Are you over 55 and pondering retirement? Dive into the world of Required Minimum Distributions (RMDs) with us. RMDs can be confusing, so in today’s episode, Liz is here to unravel the mystery and ensure you have a clear understanding of the process.
Listen in as we demystify the reasons behind mandatory withdrawals from your retirement savings. We’ll make sure you understand how to calculate them, share strategies to potentially avoid them and help you understand the risks of not preparing for them in advance. We’ll also explore impactful ways to utilize RMD funds if you do not have to rely on them for income.
Here’s some of what we discuss in this episode:
- What are RMDs, how are they calculated, and why do they exist?
- Can RMDs be avoided, and what strategies help reduce or manage them?
- What are the risks associated with not planning for RMDs in advance?
- What can you do with RMDs if you don't need the money for income?
“If you're turning 73 this year, you have to start taking required minimum distributions this year. ”