There are many milestones on the way to – and through – retirement. Starting at age 50 with the opportunity to make additional catch-up contributions to IRAs and
Sometimes dentists care so much for their patients and sacrifice so much for their employees that they short themselves and their own families.
There are some special situations that affect Required Minimum Distributions (RMDs) that you may need to be aware of; having a younger spouse, inheriting an IRA, holding an illiquid asset, having a late-in-the-year birthday and working past 70.5 can all impact the required distributions.
A spouse who is 10 years younger
We've spent several weeks covering Required Minimum Distributions (RMDs).
It is particularly important to make your Required Minimum Distributions (RMDs) on time; failure to take RMDs on time can result in a 50% excise tax on the shortfall. In all years except the first year, you must make your RMD by December 31st.
In another post in this series we discussed how to calculate your Required Minimum Distribution (RMD). Once you know how much the RMD
Required Minimum Distributions (RMDs) from 401(k)s are treated differently for business owners. For those who don’t own a business or own less than 5% of the business, an RMD is not required from the 401(k) while they’re still working (they would still have to take RMDs from their IRAs,
Welcome to our series on RMDs – Required Minimum Distributions -- the distributions from retirement accounts (IRAs, 401ks, 403(b)s, 457 plans) that are required once the owner turns 70.5 years old.
Next to the IRS, the most formidable and intimidating institutions people will face are the insurance companies and the medical care complex. Both are at the root of increasing medical costs and both are intent on making sure their bottom lines are forever expanding. Never mind that high medical bills are the number one cause of bankruptcies in the U.S.
Depending on your tax bracket, the years leading up to age 70.5 can be a good time for taking withdrawals.
© 2019 Mission Financial Planning. All rights reserved.
