Hi Reader,
🎂 The IRS Has a Surprise for You!
The IRS loves it when you turn 73. But don't expect a gift or even a birthday card!
After decades of deferring taxes on retirement savings, the government says it's time to start paying up.
Three little letters explain why: RMD.
💰 Required Minimum Distributions (RMDs) are the minimum amounts the IRS requires you to withdraw annually from certain tax-deferred retirement accounts, including traditional IRAs, 401(k)s, and 403(b)s.
And to make matters more confusing, the age at which RMDs begin depends on when you were born!
📅 Born between 1951 and 1959? RMDs generally begin at age 73.
📅 Born in 1960 or later? RMDs generally begin at age 75.
The bottom line? You've enjoyed years of tax-deferred growth. Now the IRS wants its share.
📌 Stay tuned! We'll break down how RMDs work, when they begin, and what you need to know to avoid costly mistakes.
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David N. Waldrop, CFP®
Owner of Bridgeview Capital Advisors, Inc. a Registered Investment Advisor.
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