[et_pb_section admin_label=”Section” fullwidth=”on” specialty=”off”][et_pb_fullwidth_header admin_label=”Fullwidth Header” background_layout=”light” text_orientation=”left” header_fullscreen=”off” header_scroll_down=”off” parallax=”off” parallax_method=”off” content_orientation=”center” image_orientation=”center” custom_button_one=”off” button_one_letter_spacing=”0″ button_one_use_icon=”default” button_one_icon_placement=”right” button_one_on_hover=”on” button_one_letter_spacing_hover=”0″ custom_button_two=”off” button_two_letter_spacing=”0″ button_two_use_icon=”default” button_two_icon_placement=”right” button_two_on_hover=”on” button_two_letter_spacing_hover=”0″ title=”Financial Tip” subhead=”January 2018″] [\/et_pb_fullwidth_header][\/et_pb_section][et_pb_section admin_label=”section”][et_pb_row admin_label=”row”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid” saved_tabs=”all”]<\/p>\n
Remember to take your RMDs!<\/strong><\/p>\n [spacer height=”10px”]<\/p>\n By Marc Frye<\/p>\n [spacer height=”05px”]<\/p>\n OK, I have a serious condition called CRS. I\u2019m sure a lot of you suffer from this condition from time to time. The acronym is for Can\u2019t Remember Stuff. We usually make sure that \u201cto do\u2019s\u201d get on our calendar and put reminders on our phones, doors, and desks. Well, I want to make sure that our clients don\u2019t forget a very important something. That\u2019s to take your Required Minimum Distribution (or RMD) from your qualified retirement account.<\/p>\n [spacer height=”05px”] [spacer height=”05px”] [spacer height=”05px”] [spacer height=”05px”] [spacer height=”05px”] [spacer height=”05px”]<\/p>\n If we at American Retirement Advisors can be of assistance, just give us a call. Stay warm, and I\u2019ll write again next issue.<\/strong><\/em><\/p>\n [\/et_pb_text][et_pb_image admin_label=”Image” show_in_lightbox=”off” url_new_window=”off” use_overlay=”off” animation=”left” sticky=”off” align=”left” max_width=”250px” force_fullwidth=”off” always_center_on_mobile=”on” use_border_color=”off” border_color=”#ffffff” border_style=”solid” src=”https:\/\/americanretirementadvisors.com\/wp-content\/uploads\/2018\/01\/Slide9.jpg”] [\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Remember to take your RMDs! [spacer height=”10px”] By Marc Frye [spacer height=”05px”] OK, I have a serious condition called CRS. I\u2019m sure a lot of you suffer from this condition from time to time. The acronym is for Can\u2019t Remember Stuff. We usually make sure that \u201cto do\u2019s\u201d get on our calendar and put reminders […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7613","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n
\nYou must start making regular minimum distributions from your traditional IRA by April 1st following the year in which you reach age 70 \u00bd. Failing to take out enough triggers one of the most draconian of all IRS penalties:<\/strong><\/p>\n
\n\u2022A 50% excise tax on the amount you should have withdrawn based on your age, your life expectancy, and the amount in the account at the beginning of the year.<\/strong><\/p>\n
\n\u2022After that, annual withdrawals must be made by December 31 to avoid the penalty.<\/strong><\/p>\n
\nWhen you make withdrawals, consider asking your IRA custodian to withhold tax from the payment. Withholding is voluntary, and you set the amount, but opting for withholding lets you avoid the hassle of making quarterly estimated tax payments.<\/p>\n
\nImportant note: One of the advantages of Roth IRAs is that the original owner is never required to withdraw money from the accounts. The required minimum distributions apply to traditional IRAs.<\/p>\n