What is Required Minimum Distribution (And How It Impacts Your Retirement!)

Today, we are diving into RMD, which refers to "Required Minimum Distribution." It's also known by its friend, MRD (Minimum Required Distribution). It means taking money from your pre-tax (qualified) account. The IRS allows you to delay paying taxes on your qualified accounts, but RMDs ensure you are eventually taxed. The amount of money you will have to take for your RMD will directly impact your retirement and the taxes you will pay, so it is critical that you understand it.  In this episode, you will learn: * The different accounts that have RMD and rules for taking out money. * Age considerations when taking your required minimum distribution. * How the new rules impact when you take your distribution and when waiting makes sense. * New penalties if you don't take your MRD on time, and more! Links Referenced: The Wealth Academy: https://themillionaireinsider.com/twa The Retirement Plan Checklist: https://themillionaireinsider.com/rpc Get your Free Financial Checkup:  https://themillionaireinsider.com/fc Show notes and more information: https://themillionaireinsider.com/23 This information is for educational purposes only and is not intended to provide financial, investment, or planning advice.