“As we peer into society’s future, we — you and I, and our government — must avoid the impulse to live only for today, plundering for our own ease and convenience the precious resources of tomorrow. We cannot mortgage the material assets of our grandchildren without risking the loss also of their political and spiritual heritage. We want democracy to survive for all generations to come, not to become the insolvent phantom of tomorrow.”
― Dwight D. Eisenhower
This week on the David Lukas Show, David talks about all the caveats the government has made concerning your Required Minimum Distribution Amounts in retirement and what you need to know about the many rules that apply.
Throughout the hour, David gets into the specifics needed to properly prepare for when retirees start taking distributions from their IRA, SIMPLE IRA, and/or SEP IRA. The mistakes are too costly not to plan properly.
Did you know that the IRS deems account holders ultimately responsible for calculating their Required Minimum Distribution (RMD) amounts on their retirement funds—not the account’s custodian? Do you know the IRS’s rules on Required Distribution Amounts (RDAs)?
According to irs.gov…
“You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
- Your required minimum distribution is the minimum amount you must withdraw from your account each year.
- You can withdraw more than the minimum required amount. Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth accounts).”
Get All of the important INFORMATION and FORMS needed to properly calculate your Required Amounts HERE.
Whose Future Are You Financing?
David’s first book was a result of His comprehensive study, research and application of economics, banking and our monetary system.
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