Four Mistakes
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“It’s my retirement money, and I should be able to do with it as I please!” is the argument of a novice. Age comes with both wisdom and the knowledge that we will have to acquiesce to the government regulations on how retirement accounts are dispersed. For example, at age 70½, you’ll be required to start taking money from most accounts, and there will be more rules than exceptions. Dennis and Heidi attended the Ed Slott conference last week and will be sharing the four common RMD (required minimum distribution) mistakes.
1.Rolling over the entire plan balance to an IRA with the intent to “take the RMD later” from the IRA
2.Rolling over only part of the plan now to an IRA with the intent to “take the RMD later” from the plan
3.Aggregation mistakes
4. QCD (qualified charitable distribution) mistakes
If you’re nearing this magical age, this is a show you won’t want to miss!