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Understanding RMDs and the Impact on Retirement Financial Planning
For many folks, it’s that time of the year when the issue of required minimum distributions (RMDs) from tax-preferred retirement savings plans (IRAs, 401ks, etc.). One consistent word of advice from financial planners, of course, is DO NOT FORGET to take them. The penalties can be severe…and expensive! The problem for some plan holders, however, is that the rules have been changing in recent years regarding when the RMD withdrawals must be taken. That’s the subject of a brief (about 4 minute) video from New Perspective Financial Solutions providing a quick tutorial on the timing currently in effect. The video serves as a good review of when to schedule RMDs and, where applicable, how to simplify the process when multiple accounts are involved. View the video here.