How do I calculate how much money I will need to withdraw to satisfy my RMD? Also I am 68 can I start taking small amounts now that will satisfy the amount I need to withdraw the first year I am required to make a withdrawal?
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To calculate Required Minimum Distributions (RMDs), check free tools online like the AARP calculator or the worksheet provided by the Social Security Administration.
Since you are age 68, you are eligible to take penalty-free withdrawals from your IRA, 401(k), etc. If you withdraw funds before your RMD age (73), it will be considered a distribution. However, these distributions will not count toward your first-year RMD.
My name is Marianne Nolte, CFP® and my firm is Imagine Financial Services. I provide tax-smart financial planning and investment management for women and couples.
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Best regards,
Marianne M Nolte, CFP®
Imagine Financial Services
www.imaginefinancialservices.com
mnolte@imaginefinancialservices.com
Call or Text: (760) 472-5155