Rmd
I have an annuity and and Ira contributory account. I turned 73 in august and need to decide regarding RMDs.
The Ira amount would be based on a savings of about 95,000.
The annuity is about 104,000.
I understand I can only access one account for rmd to be used. What do you suggest? Thank you..
Terry Says
Did you purchase the annuity with IRA money? In other words, is it INSIDE your IRA? Once you are 73, you MUST take an RMD. Your annuity should not have a penalty for withdrawals for RMDs if it was purchased inside an IRA. So, first contact the annuity provider and ask them to calculate the amount of your RMD based on the value of the annuity.
Then ask your traditional IRA custodian to calculate the RMD for that account. It would be better to take two separate RMDs if both are IRA money.
