Required Minimum Distributions
September 20, 2018
I’m Miriam Neff-with STARTING OVER FINANCIALLY,-and I’m Valerie Neff Hogan, and we’re here to talk about money
M Life stages require changes in our financial behavior. I’m at that age where I am required to take funds from my IRA. I benefit from Valeries council.
V In the year you turn 70 1/2, you are required to take traditional IRA funds whether you wish too or need to. Mom’s a saver, so that’s not welcome news. One benefit is to do your charitable giving through the RMD, as its called. Giving appreciated assets in your IRA, or authorizing them to be sold and proceeds donated to your church or favorite charity saves you the taxable event of income.
M Some call that tax the government hair cut. I love knowing that the whole value goes to my favorite church and charities.