Retirement Talk Podcast Episode

145. Planning Your First Required Minimum Distribution

March 1, 2023
Required minimum distributions

For the vast majority of retirees, there will come a time when the IRS comes calling and you’re required to start taking money out of qualified retirement accounts. These required minimum distributions (RMDs) are a great planning opportunity and a chance to have some control over taxation, but you need to be prepared ahead of time. 

In this episode, Laura Stover, RFC® and Michael Wallin, CFP® will get back to the basics and provide a great overview on how to plan for your first RMD. With SECURE 2.0 Act moving the age back to 73 this year, there’s even more time to make planning decisions, like moving dollars into a Roth account.   

When it comes time to start taking these RMDs, you’ll need to consider the amount that’s required for the year, which accounts you’ll pull that from, and where you’ll distribute the money to. Our Redefining Wealth®  process is strategic in how you approach each of these steps to help you get the most out of the money you’ve saved for retirement while limiting the taxes you’re going to owe the IRS. Whether you’re about to take your first RMD or have already started, understanding these strategies will help put you on the best path for retirement.

Redefining Wealth® Custom Blueprint Income Plan: 

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Timestamps (show notes):

7:17 – Strategies to consider ahead of RMDs.

11:32 – Determining which accounts to pull your RMDs from first.

13:43 – How do you actually take the distribution?

15:18 – Failing to take the RMD results in a costly penalty  

19:54 – How this fits into your income plan.

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