Show notes
Everyone we’re working with for a retirement plan has to keep an eye on the age of 72 because that’s when the required minimum distributions begin. While we all know money has to come out of our retirement accounts, it’s not as simple to understand all the requirements and then execute that efficiently. Today we’ll provide you a deep dive into RMD starting with the accounts you own in part one. Join us on today’s episode as we break down these major topics: What you need to know and what’s changed about RMDs on your own accounts. (2:02) The big difference between a Roth IRA and Roth 401(k). (4:09)What can you do with your RMDs if you don’t need to use the money immediately? (13:30)What has to happen at age 72 and what can be done after. (17:47)The penalty if you miss your RMDs and how the IRS handles that. (19:56) Watch the video podcast here: https://youtu.be/eGucxamg3KM Visit us online: http://philstaxhacks.com