Retirement planning is confusing. There is a lot to consider. And just when you think you have everything figured out, the IRS comes along and makes it more difficult. This is usually what happens when people learn about Required Minimum Distributions for the first time.
RMDs are the amount of money the IRS requires that you pull out of your retirement accounts each and every year. Regardless of if you actually need that money or not. Their goal is for you to spend the last dollar you have in a retirement account before you die. This can be a major hinderance on the financial goals of individuals.
In this podcast, Derek talks about the basics of RMDs everyone should be aware of. He also touches on some of the RMD changes that start on January 1st, 2022.
If you are trying to learn more about how RMDs may impact your retirement, this episode is for you.
Enjoy the show!
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