Have You Taken Your Required Minimum Distribution Yet?
It seems each year people (including advisors) forget to take Required Minimum Distributions. That's bad. If you are required and forget, the IRS penalty is HUGE. By HUGE, I mean 50% of the amount you should have taken out. Ouch.
Anyone over the age of 70 1/2 or who owns an inherited IRA needs to make sure they take their Required Minimum Distribution before the end of the year.
Here Are Two Resources to Help You Get it Right
- Check out the video below to learn the basics
- A great worksheet to help you figure yours is included in the free Retirement Toolkit. Click here for free access (it's under the BUILD tab)