RMDs — Required Maximum Destruction!
I know — RMDs don’t actually stand for that. They stand for Required Minimum Distributions. Many over age 70 ½ know what they are — it’s when the IRS requires you to take a withdrawal from your IRA accounts then are taxed on it. RMDs are calculated by dividing the total balance of your IRAs, employer sponsored plans (401k, 403b, etc.), and IRA based plans (SEP, Simple IRA, etc.) at the end of the previous year by the distribution period that correlates with your current...View Article