A Simple RMD Mistake That Can Cost Retirees Thousands
by Mike Piershale, ChFC
Nov 23, 2021
3 minutes
It is fairly common for people taking required minimum distributions out of retirement accounts, such as IRAs, to pull out more than the required amount, often without even being aware they are doing so — triggering unnecessary taxes. Because retirees are often using retirement accounts for income, it’s very common for them to contact a well-meaning employee at their financial institution and tell them to set them up to get monthly income from their IRA that may be more than their RMD amount.
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