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Mastering RMDs

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Required Minimum Distributions (RMDs) are crucial for a secure retirement. Gain insights into essential strategies for optimizing savings while adhering to legal requirements, guided by First Entertainment Investment Services (FEIS).

Your Path to Stress-Free Retirement. 

Required Minimum Distributions (RMDs) – those mandatory annual withdrawals from your retirement accounts – hold the key to a secure retirement. Let’s unlock the strategies that help you optimize your savings and embrace growth while adhering to the legal essentials.

Take Charge Now & Avoid Holiday Stress

RMDs apply to traditional IRAs, SEP IRAs, SIMPLE IRAs, Rollover IRAs, most 401(k) and 403(b) plans, and small business accounts. You generally must start taking withdrawals from your traditional employer-sponsored retirement accounts when you reach age 73.

The RMD December 31 deadline aligns with holiday shopping and festivities. So, start your RMD process early for better account management and less stress.

RMD Deadline Reminders & Notifications to Help Your Retirement Funds Thrive

  • Know Your Account Status: The financial institution that had your retirement account as of December 31 last year should have sent you a friendly heads-up about your RMDs for this year. If they didn’t compute the RMD amounts, reach out and request the information.
  • Debut RMD Deadline Extension: Only first-year RMDs can be delayed. But remember, there’s a twist. If you delay your first RMD until April 1 of the year after you turn 72, you’re then required to take two RMDs that year, on April 1 and December 31.
  • Avoid Penalties: If you don’t take any distributions by December 31 or if you make an error on your distributions so it doesn’t fulfill the requirements, you’re subject to a penalty of 50% of the shortfall.

RMDs are a pivotal chapter in your retirement story. Let First Entertainment Investment Services (FEIS) be your guide. Connect with us today and let’s tackle this together to secure your financial future and start the new year on the right financial note by tackling RMDs now.

At First Entertainment Credit Union, our skilled and experienced FEIS* agents are ready to provide you with personalized service and clarify any confusion about RMD options. Contact us today using the contact information below:

Michelle Lee, First Entertainment Credit Union Financial Advisor

Phone: 323.845.4434

Email: mlee@firstent.org

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Posted in Retirement Planning

Disclosures

*
To determine which investments(s) may be appropriate for you, consult your financial advisor prior to investing. Past performance is no guarantee of future results. Securities offered through Securities America, Member FINRA/SIPC. Insurance products offered through Securities America or its licensed affiliates.
First Entertainment Credit Union and First Entertainment Investment Services are not a registered brokers/dealers and are not affiliated with Securities America. Securities America Advisors do not offer tax advice. Please consult a tax professional.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical, or legal advice. You should contact your licensed professional to obtain advice with respect to any issue or problem.