Required Minimum Distributions (RMD’s) are the biggest threat to your IRA and 401k and could literally decimate your retirement savings. And most people don’t even know what they are!
In this episode, we’ll discuss the rules of RMD’s, the consequences of not following the rules, and some options and strategies that could save you a fortune in retirement. If you have an IRA, 401K, pension, or any other tax-deferred retirement account, you want to pay close attention to the show today.
When you turn 72, Uncle Sam forces you to start withdrawing money from your IRA and 401(k) every year – whether you want to, or not, and whether the stock market is up or down. When you think about it, this could have serious consequences on your retirement savings …
- These withdrawals will be income – so they could force you into a higher tax bracket
- You could be forced to sell investments at a loss (and you’ll never get this money back again).
- Plus, if you don’t follow these withdrawal rules to the “T,” you could trigger a 50% tax penalty – the highest penalty levied by the IRS.
Host Ben Christy interviews Beacon Capital Management’s Senior Partner and Co-Owner, Pete Benson, and COO and Co-Owner Jon Maxson, for this episode of the Beacon Retirement Strategies Radio Show: The Key to Managing Required Minimum Distributions and Saving Money in Retirement.