required beginning date

The Important Ages in Retirement Plans

There are two things to keep in mind when you are discussing ages and retirement plans. One is the age itself and the other is what does that age mean. For example, when is age 55 not 55? You will understand as you read further into the important ages associated with retirement plans.

What Options Does an Estate Have as IRA Beneficiary?

This week's Slott Report Mailbag dives into details on SIMPLE IRAs and SEP IRAs, explains the legality of having a 401(k) versus a Roth 401(k) and walks the questioner through the options an estate has as an IRA beneficiary. As always, we stress the importance of working with a competent, educated financial advisor to keep your retirement nest egg safe and secure.

What You Need to Know About Your Required Beginning Date

What is the RBD? RBD stands for required beginning date. It is the date by which an IRA owner must take their first required minimum distribution (RMD) in order to avoid a 50% penalty. Generally, an individual must take their first distribution from a retirement account in the year they turn age 70 ½. The following points clarify exactly when you must take your first distribution.

The Most Important Question to Ask a Beneficiary

A new client calls or comes to your office. They tell you that they have just inherited retirement assets from their parent, spouse, sibling, friend – it doesn’t matter who. What is the first and most important question you ask them and what impact does that answer have?

10 Facts You Need to Know About Required Minimum Distributions

If you have an IRA and you are approaching retirement age, or if you are already in retirement, you are most likely familiar with the term “required minimum distribution (RMD).” But do you know how the rules work and what they mean for you as an IRA owner? Here are 10 facts about RMDs that every IRA owner should know.

Your IRA Required Beginning Date is April 1 NOT April 15

If you turned age 70 ½ last year in 2014 and have a traditional, SEP or SIMPLE IRA, you must start taking required minimum distributions (RMDs) for that year and every year going forward. When is the required beginning date? IRA Technical Expert Joe Cicchinelli puts you on a deadline you must meet to avoid steep penalties.

Your Age 70 1/2 RMD Required Beginning Date

If you were age 70 ½ last year (in 2013), April 1, 2014 is an important deadline for taking your 2013 IRA required minimum distribution (RMD). The tax code refers to this April 1st deadline as your required beginning date (RBD).

Taking the Year of Death IRA Minimum Distribution

If you are the beneficiary of a deceased IRA owner, you have to begin taking required minimum distributions (RMDs). In some cases, there is an RMD you must take in the year the IRA owner dies. The required beginning date (RBD) for the IRA owner to have started taking their RMD is April 1 after the year they turned age 70 ½. If the IRA owner died before their RBD, there is no year of death RMD that you need to take. However, if the IRA owner died after their RBD, there may be an RMD that you as their beneficiary have to take that year.Basically, when the IRA owner dies on or after that

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