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Thanks Eric
what’s an “RMD” ?
Required Minimum Distribution – which is an IRS requirement where you need to withdraw a percentage of your account[s] on a yearly basis to expose it to taxes which have been deferred during your working years.
RMDs are based on your age.
thanks! what if your money is in roth, then are there required minimum distributions?
This sounds *exactly* like my father…early-80’s with plenty of nest egg that he cannot possibly spend before he leaves us. Yet he perpetually puts off discretionary spending…”I want to take a cruise to Europe NEXT YEAR” or “I sure like that car…and mine is on its last legs”, both of which he’s said for the past 3 or 4 years.
I’m betting it’s difficult for you to resist the urge to tell your client, “Go see you grandchild play football…there might not be a ‘next season!'”
with anything like a proper conservative allocation, even w/ EOL issues (Alzheimers) + IRMAA + RMD @ 85 w/ 2.5M —– come on —– this is a psychological issue of planning to spend – that is fund some slush funds …..
One of your better posts Eric. Thanks.
One of your better posts Eric. Thanks.