RMD deadline
About a month ago, you mentioned that we should take our RDM now, pay 20% . I focused on that remark, but don’t remember what else you said to do. You gave a reason why it was a good idea. Can you repeat that answer please. I’ve texted while you’ve been on WGN but never make it before they say good by to you.
Terry Says
Unlike last year, this year there will be a Required Minimum Distribution from your IRA. (If you have multiple IRAs, the money can be taken from one or more of them, as long as it is the total required.) To do this correctly you need last year’s YEAR END VALUATION (at the end of 2020). Then ask any one of your custodians to do the calculation of RMD, based on the total year-end valuation of your IRA.
I think you heard me saying that this is a good time to make sure you have liquidity INSIDE your IRA (that is money in a money market fund inside your IRA) so you arent forced to sell stocks at year end (when everyone is doing it) to raise the cash to withdraw.
You can take your RMD any time during the year, or on a regular monthly basis throughout the year — as long as you get it done before the last business day of the year.
