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you'll - 2 Berkemeyer - 2 Grace Cary - 1 Jim Guarino - 1 Baker Newman Noyes - 1 IRMAA - 1 Judy Brown - 1 You'll - 1
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☆ Here's what to know before taking your first required minimum distribution
  + stars: | 2024-12-06 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Grace Cary | Moment | Getty ImagesAfter decades of building your nest egg, you will eventually have to start taking required minimum distributions, or RMDs, from pretax retirement accounts. The first deadline is April 1 of the year after you turn 73, and Dec. 31 for future withdrawals. Pre-tax retirement withdrawals incur regular income taxes. Two required withdrawals in one yearIf you wait until April 1 after turning 73 to take your first RMD, you'll still owe the second one by Dec. 31. That can trigger unexpected tax consequences, according to CFP Abrin Berkemeyer, a senior financial advisor with Goodman Financial in Houston.
Persons: Grace Cary, Jim Guarino, Baker Newman Noyes, you'll, IRMAA, Berkemeyer Organizations: CFP Abrin, Goodman Financial, Medicare Locations: Woburn , Massachusetts, Houston
☆ For retirees, here's what to do with required withdrawals when you don't need the money
  + stars: | 2024-10-07 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Skynesher | E+ | Getty ImagesFor some retirees, the deadline to take required withdrawals from retirement accounts is approaching — and those who don't need the money have options, experts say. Since 2023, most retirees must take required minimum distributions, or RMDs, from pre-tax retirement accounts starting at age 73. Brokerage assets could be subject to capital gains taxes, whereas pre-tax retirement funds incur regular income taxes. Unlike mutual funds, most ETFs don't distribute capital gains payouts, which can save brokerage account investors on annual taxes. There's no charitable deduction, but QCDs don't count toward adjusted gross income, meaning retirees don't need to itemize tax breaks to claim it.
Persons: Judy Brown, you'll, Berkemeyer, You'll, Karen Van Voorhis, Daniel J, Galli, QCDs, It's Organizations: SC, H, D.C, Abrin, Goodman Financial, Galli & Associates, Galli & Locations: Washington, Baltimore, Houston, Norwell , Massachusetts
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