Ask Terry Questions RMD — take now or wait?

RMD — take now or wait?

By Terry Savage on June 14, 2022 | Financial Planning / Retirement

My husband is now to have a RMD deduction. We want to know if we should take the monies in a lump sum or monthly? And how is that done? After hearing your discussion on WGN regarding I Bonds we thought we could purchase an I Bond with the lump sum money or with other money we have in a regular savings account.
Any help and understanding of such is most appreciated.

Terry Says

Aslong as you take the RMD during the year, you can either take it monthly or in a lump sum or any other way. Ask the custodian to calculate the RMD — based on the balance at year-end last year. Also, when you take a withdrawal ask them to withhold at least20% for taxes.
And with the market on the decline, I’d say the sooner you take it the better this year!

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