#21 - Required Minimum Distributions (RMDs): What are RMDs, when are you required to begin taking them, and how much do you have to take?

The Fiscal Physical Podcast

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Unravel the mysteries of Required Minimum Distributions (RMDs) with expert guidance from Ryan Nelson of Alchemy Wealth Management, as we tackle the nuances of a topic that's crucial for both your retirement and tax planning. Get ready to gain a clear understanding of how the IRS ensures it gets a piece of your tax-deferred retirement accounts and what this means for your financial future. Learn the ropes on how to manage these taxable events from traditional IRAs and 401(k)s once you hit that threshold age - currently 72. Additionally, we shed light on the differences between RMDs and Roth IRAs. This episode is a treasure trove for anyone looking to smartly navigate their twilight years with financial savvy.
Switching focus, we delve into the intersection of estate planning and RMDs. We dissect how inherited retirement accounts carry significant tax considerations for beneficiaries, and how smart estate planning can ease potential burdens during their high-earning years. Plus, we'll throw in a fun fact about the astonishing number of hamburgers McDonald's sells globally, giving you a taste of the sheer size of the fast-food industry. For those hungry for financial knowledge, this conversation serves up the insights you'll need to chew on for a successful financial legacy. Tune in, and let's prepare for the future, one wise money move at a time.

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Rozdziały

1. Understanding Required Minimum Distributions (00:00:01)

2. Estate Planning and Financial Inheritance (00:10:21)