Posted by Judith Sanborn, CFP®, AIF®
The first boomers turn 70 1/2 in July. Don’t give the IRS too much reason to celebrate. When you hit this age, it is time to start taking a Required Minimum Distribution (“RMD”) from your IRA. RMDs can be seen as confusing, so be sure to review these tips.
- Learn the rules for your first RMD.
- Calculate your RMDs.
- Don’t forget your 401(k)s.
- Reduce taxes by giving your RMD to charity.
- Reduce your RMDs with a QLAC.
- Stop contributing to your traditional IRA.