Withdrawing More Than Your RMD From Your IRA?
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- เผยแพร่เมื่อ 2 ม.ค. 2023
- Are you withdrawing more than your required minimum distribution (RMD) from your IRA? Here is what you should be looking out for.
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
As stated, the tax man will eventually come for those taxes on that IRA, so if it's a large Trad. IRA, most of the time it's best to take extra out and max out that 12% tax bracket now, since tax rates are scheduled to be higher in 26. Again, it just depends on the size of the IRA. The bottom line is you take it out IF, you believe tax rates on that IRA will be higher in the future, than they are right now. In 26, tax rates go up 2-3% per bracket!
I'm not yet 73, but I do take a monthly payment, interest only, from my traditional IRA CD.
Secure Act 2.0 upped the RMD date to 73
It depends, I have to start my RMDs at 75. It depends when you were born.
right, I should have said it did for me. you youngster :)
I once took $10,000 from my RMD IRA when that CD matured to pay my sister in law $10,000 to not probate my deceased wife's last will and testament as a settlement to avoid litigation in chancery court and ended up paying about an additional $2000 in taxes.
It makes you worry about all the people who either don't have a financial advisor or have at some point gotten terrible financial advice and what they are doing with their money in retirement. It must be the majority of retirees with IRAs who make bad to terrible decisions on their withdrawal strategy, either by taking too much out at the wrong times or by not taking enough out and living artificially below their means (mostly the latter) And there's a million pitfalls, too much life insurance, bad annuities, hoarding cash while still taking withdrawals, all this stuff in the end results in paying more tax than you need to and sacrificing growth.
Big tax trap if you wait too long to draw down the IRA. The taxes have to be paid sometime. Sooner is sometimes better. Life includes spouses losing a mate, IRMA can get you. Take the money out and let the older people pay taxes, and gift your "family".
Everyone raise their hands if worried about the taxes your kids will have to pay when they inherit your IRA.
WE DON'T "SMASH" BUTTONS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
This is a bunch of horse feathers. He claims that someone has $1.5M in an IRA and they have a RMD of $25,000/ year. You can use a 4% amount for RMD and that would be $60,000 per year. His statement of $25,000 RMD amounts to 1.6% of the IRA. He throws around a lot of figures but it doesn't add up.
Yep. Initial RMD on $1.5M is $56,604. And it only goes up from there.
Sometimes it seems like the financial advisors just trying to drum up business for themselves by making comments about how terribly difficult everything is.
@@user-up3gw7zw1o - not sometimes. All the time. Financial advisors are the biggest vultures out there.
Learn about finances and take care of your own future. It’s your future. Why would you trust anyone else with that?
Cornhole Financial?