IRS Wants Their Tax Money | Required Minimum Distributions and your finances with Cardinal Advisors

In this informative episode of the Cardinal series, we jump into the world of Required Minimum Distributions (RMDs), a crucial aspect of retirement planning that begins at age 73 for most individuals. Our financial planning experts explain what RMDs are, the rules governing them, and effective strategies to manage them within your retirement plan. Whether you're approaching your RMD age or already navigating through it, our insights will help demystify the process and optimize your financial approach. Don't let the government get in the way of your retirement planning. Required Minimum Distributions can be confusing and often times frustrating, the RMD expert at Cardinal Advisors can walk you through the ins-and-outs of this particular subject with ease. Let our experts help you understand RMD's and their role in your retirement. Visit us online today to learn more about how we can help with your retirement income and investment.
Questions? Email us at [e-mail], call us at [phone], or visit our website at cardinalguide....
Show Notes: cardinalguide....
H E Scheil & Associates doing business as Cardinal Advisors holds an insurance license in all 50 states and DC. Listed below is the license # in each individual state. Alabama 675461, Alaska 100118081, Arizona 1800012348, Arkansas 100104794, California 0K32569, Colorado 464622, Connecticut 2463129, Delaware 1119857, DC 2887040, Florida L087124, Georgia 159539, Hawaii 445296, Idaho 507076, Illinois 100333675, Indiana 721739, Iowa. 1002056691, Kansas. 272705345, Kentucky 738674, Louisiana 614407, Maine AGN249408, Maryland 100048542, Massachusetts 2006645, Michigan 0104206, Minnesota 40411912, Mississippi 15016382, Missouri 8325733, Montana 100126008, Nebraska 100224332, Nevada 1007341, New Hampshire 2315847, New Jersey 1557889, New Mexico 1800010640, New York 1382342, North Carolina 1000092550, North Dakota 2000136230, Ohio 1028975, Oklahoma 100190853, Oregon 100237062, Pennsylvania 589318, Rhode Island 2309277, South Carolina 1907911784, South Dakota 10017719, Tennessee 2252224, Texas 1963111, Utah 513447, Vermont 1038574, Virginia 129027, Washington 864498, West Virginia 100107166, Wisconsin 100192273, Wyoming 275179

[@Suite_dRV_Life]

Wrong title! The correct title should be - IRS wants YOUR money. It is NOT IRS's money - they did not work for it - YOU did.

[@walterseifert1841]

If the money belongs to the IRS why doesn’t the IRS work for it?

[@BW-kv9wj]

Because democrats are lazy.

[@DDprzybyl]

John - Prayers for a fast and full recovery Take care! Try to relax a little.

[@CardinalAdvisors]

Thank you. I’m getting better every day

[@josephjuno9555]

Do we have to Report it on taxes somehow? Is there a place on tax for? Do they care Where money goes after u pay taxes on it?

[@CardinalAdvisors]

You will receive a 1099 and yes you have to pay tax. The government doesn’t care how you use or save the money.

[@fesenal9818]

Do I need to pay taxes on the annuity monthly income for life insurance? Thank you Sir.

[@CardinalAdvisors]

If the annuity IRA is not a Roth IRA, you owe taxes on each lifetime payment.

[@CardinalAdvisors]

Yes the annuity monthly income is taxable unless it’s a Roth.

[@edwardhousemaniii2732]

Speedy recovery Hans 😊

[@CardinalAdvisors]

Thank you Hans

[@richarddpetersen169]

I wish I had got started sooner on lowering my IRA balance, for us older folks its a huge tax trap. What is the money for? Yes, not to save and watch, its to use. USE IT while you are younger, even if you give it to the Grand Kids.

[@davidfolts5893]

The expert of the financial whiteboard is back with another excellent video. Thanks, Cardinal Advisors!

[@CardinalAdvisors]

Thank you

[@davidfolts5893]

@@CardinalAdvisors My pleasure, indeed.

[@pch5938]

Should have probably mentioned something about the penalties if you dont take it out. Thanks for the video

[@tr3vorb438]

Hope you have a fast recovery!

[@CardinalAdvisors]

Thanks

[@chessdad182]

Thank you for continuing the videos despite the medical mishap. My brother uses the phrase "TAKE IT TO THE GRAVE" as a joke between us meaning the opposite of what it says. In other words, go ahead and spend the retirement savings as you can't "Take it with you".

[@marantz747]

There is a program that pays out RMD/Insurance/Taxes from your IRA? Very Interested.
I will mark this video down as the Caddy Shack episode :)

[@pamzz4586]

Take care, honey. 👼For you! U got this! Thanks for all the great info☮️💗

[@vanbrendle]

Another excellent video. However, the link to the show notes reflects a 404 Not Found Error.

[@CardinalAdvisors]

The link should work now