RMD’s
We are 74 years old and must take an RMD from our 4 separate IRA’s, and also have an annuity from my wife’s current employer.
Can
/should we take the RMD’s from lowest earning IRA ?
Terry Says
Lowest earning? What do you mean by that? You must add up the value of each of your separate IRAs at the end of LAST year — separately for you, and for your wife to determine the amount you must each take.
Here is a free calculator from AARP.
YOu can each take your RMD from one or more of your accounts. YOu get to pick. At this stage of life, you shouldn’t be fully invested in stocks in your IRAs, but have some money in a money market account inside your IRA. You can easily withdraw from that MM, or sell some stocks == since the only taxes you pay on sales inside your IRA come when you take your RMD, which is taxed at ordinary income rates.
