Retirement and Your Money - Dollars and Sense Radio

Here are a few details on how an RMD works.  Want to know more?  Talk to Doug
Starting Age: You must generally begin taking RMDs at age 73 (which will increase to age 75 in 2033).
Deadlines: Your first RMD must be taken by April 1 of the year after you turn 73. All later RMDs are due by December 31 of each year.
Calculation: The amount is calculated by dividing your account's balance as of December 31 of the previous year by an IRS life expectancy factor.
Accounts Affected: Traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k)s, and other pre-tax employer plans.
Exemptions: Original owners do not have to take RMDs from Roth IRAs while they are alive.
Penalties: Missing an RMD deadline can result in an IRS tax penalty of up to 25% of the amount you failed to withdraw.

What is Retirement and Your Money - Dollars and Sense Radio?

Retirement and Your Money: Dollars and Sense Radio is the perfect podcast for retirees or those planning to retire and want to learn more about how to manage their money for retirement. Hosted by financial expert Doug Horne, this show provides helpful insights, tips and strategies to ensure your retirement years are financially secure. Retiring is a milestone that many look forward to, but it's important to plan and prepare for the transition. Taking the time to understand your financial situation and exploring different retirement planning options can help you make the most of your retirement years.