IRA rmd

By Terry Savage on September 20, 2022 | Financial Planning / Retirement

Dear: Terry Sorry to bother you. My Question. I am 72 and 3 months old, when can I start taking the RMD from my IRA I asked my bank advisor to take the first one for 6 months and then every two months. So far no answer. Thank you for your attention. I suppose I will get it when I get to be 72 and six months.

Terry Says

You must ASK your custodian to calculate the amount of the RMD, based on the value of the account last December 31st. Then you TELL the custodian to send the entire amount to your personal bank account now. Ask them to WITHHOLD TAXES — about 20% should do it. Best to get it done before the year-end rush this year.

Next year, you can take calculate the RMD in January — based on year-end valuation (after the current RMD). BUT you can TELL your banker to put it into your personal checking account every month. YOu don’t have to spend it, but you must take it out!

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