MENU
component-ddb-728x90-v1-01-desktop

Dollars & Sense: Required Minimum Distributions

Certified Financial Planner and Partner at Bridgewealth Advisory Group, Derek Elrod, visited Great Day to talk about the importance of understanding Required Minimum Distributions (RMD).

Certified Financial Planner and Partner at Bridgewealth Advisory Group, Derek Elrod, visited Great Day to talk about the importance of understanding Required Minimum Distributions (RMD).

The government gives us tax advantage accounts to encourage us to save, but it wants its taxes at some point.

RMD Rules:

  • Required Beginning Date is 70 1/2
  • Due Date is December 31st
  • Extension First Year (Optional)
  • Still Employed Exception
  • IRS Uniform Lifetime Table (About 3.65% of previous year)
  • Penalty is 50% if you don't take it

You can donate up to $100,000 of your RMD

The rules are slightly different for an RMD that is inherited.

Inherited RMD Rules:

1. Spouse

A. Your own account or

B. Inherited IRA

2. Non-Spouse

A. Inherited IRA

3. Due Date is December 31st

4. IRS Single Lifetime Table



Bridgewealth Advisory Group, LLC is located at 986 W. Alluvial Avenue, Suite 101 in Fresno.

Click here to visit Bridgewealth Advisory Group online or call (559) 432-6100.

Derek Elrod is a partner at Bridgewealth Advisory Group, LLC and President of the Financial Planning Association of Central California. He received his undergraduate degree at Santa Clara University with a Bachelor of Science in Commerce with a focus on Finance, his Masters in Business and Administration from California State University Fresno, and will have completed a Masters in Financial Planning & Taxation from Golden Gate University in April 2018. Derek is a Certified Financial Planner and also possesses a Series 7 securities license, a Series 66 license, and has a California Life & Health Insurance license.

* Advisory Services offered through Bridgewealth Advisory Group, LLC, RB Capital Management, LLC and securities through APW Capital, Inc. Member FINRA/SIPC

close video ad
Unmutetoggle ad audio on off

Trending