Required Minimum Distributions (RMDs) are mandatory withdrawals from qualified retirement accounts that begin once you reach a certain age, generally age 73 or 75 depending on your date of birth. If you inherit a qualified retirement account, RMD requirements vary based on the circumstances specific to your situation. These annual distributions can impact your financial planning in a variety of ways, including: determining the most appropriate time to take the withdrawals, calculating the correct amount of distributions needed to satisfy your RMD requirement, and the tax implications of your distributions.

The checklist below covers some of the ways you can integrate RMDs into your broader retirement planning goals, including:

• Income tax planning opportunities for RMDs
• Cash flow and withdrawal planning
• Qualified Charitable Distributions

It is important to periodically review how you are handling your annual RMD. With so many different variables and opportunities to consider, RMD planning can be a complex process. We are here to help you through that process, and to help you start, we’ve prepared a checklist of key considerations to guide your RMD review:

What Issues Should I Consider When Reviewing My RMD?

 

While checklists and flowcharts can help you identify different opportunities, we are always available to meet with you to discuss your financial needs and goals, and to help identify what the best opportunities are for you.

This content is provided by Windward Private Wealth Management Inc. (“Windward” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of this blog is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in the individual blog posts will be derived from sources that Windward believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

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