Tag: Retirement
CORNERSTONES OF BUILDING FOR RETIREMENT: RMD’s & You
WHAT ARE RMD’S ?
RMD stands for Require Minimum Distribution. An RMD is the minimum amount you must withdraw each year from certain retirement accounts once you reach a specific age, as determined by the IRS.
WHAT ACCOUNTS CAN HAVE A RMD?
- Traditional IRAs
- SEP IRAs
- SIMPLE IRAs
- Rollover IRAs
- Traditional 401(k) plans
- Most 403(b) and 457(b) plans
- Variable annuities held in an IRA (“qualified annuities”)
- Profit-sharing plans
- Small business retirement accounts
WHEN DO I HAVE TO TAKE THE RMD?
While generally your RMD is due by December 31st of your starting year (when you turn 73 or 75 depending on your birth year), the IRS provides flexibility for this first distribution only:
- Option 1: Take your first RMD by December 31st of your starting year
- Option 2: Delay until April 1st of the following year
|
Year of Birth |
RMD Starting Age |
| 1950 or earlier | 72 |
| 1951-1959 | 73 |
| 1960 or later | 75 |
You can take the RMD’s either monthly or yearly as long as you take at least the minimum yearly amount .
WHAT IF YOU DON’T TAKE RMD’S?
If you do not take the distribution from the retirement account, the IRS will charge you a penalty tax of 25% on what you should have taken. If you take the distribution late, but before a two year window ends from the date you were required to take the distribution, they will only charge you 10% on the amount you should have taken.
RMD’S CAN AFFECT YOUR MEDICARE PREMIUMS?
Yes—when taking your RMD, it is important to understand that beyond impacting your taxes, it also increases your MAGI (Modified Adjusted Gross Income). This increase can push you into a higher Income-Related Monthly Adjustment Amount (IRMAA), which determines your Part B and Part D premiums.
WSJ Highlights Retirement Plan Issue
The Wall Street Journal recently highlighted a critical issue for those rolling out of employer-sponsored retirement plans, like your #401k (see a link to their article below). Many #investors overlook the need to create an investment strategy that aligns with their future goals and risk tolerance. Even worse, leaving your nest egg sitting in cash for too long could mean missing out on significant growth opportunities, dividends, or income.
At PensionmarkMeridien, our experienced investment advisory team, including #CertifiedFinancialPlanner professionals, is here to guide you every step of the way. With our vast experience, we ensure your hard-earned #retirement funds are optimized to fit your comprehensive financial needs. Don’t let common pitfalls derail your retirement plans – let us help you stay on track!
Advisory services offered by Pensionmark Financial Group. Securities offered by Pensionmark Securities, LLC, member FINRA/SIPC. Pensionmark Financial Group, LLC is affiliated through common ownership with Pensionmark Securities, LLC.
Mega Trends: Own the Future
There are five powerful forces that are transforming the trajectory of the global economy, shifting the priorities of societies and redefining business models. These forces are also changing the face of investing. We call these mega trends.
Join Mark Geraigery as he host Anna Nerys from Blackrock. Anna will discuss today’s most exciting opportunities — from autonomous driving to artificial intelligence — and how to access them through mega trend investing.
Wednesday May 15th
12:00-12:30 P.M. EST.
If you are unable to attend the live webinar don’t worry, register to receive the replay!
Mark Geraigery
Director of Qualified Plans
PensionmarkMeridien
Phone: 401-228-1407
Email: mgeraigery@pensionmark.com
Anna Nerys
Product Strategist
BlackRock
Pensionmark Financial Group, LLC (“Pensionmark”) is an investment adviser registered under the Investment Advisers Act of 1940. Pensionmark and WIA Holdings, LLC (“World”) are affiliated through common ownership with Pensionmark Securities, LLC. Securities offered through Pensionmark Securities, LLC (Member FINRA/SIPC).
What has Your Advisor Done for You?
Well luck has nothing to do with it at PensionmarkMeridien. We are a full-service Retirement Plan Advisor here to help.
We can help; reduce plan sponsor workloads and improve participant outcomes. We uniquely provide advice with respect to fiduciary governance, education, relationship management and all the support your plan needs.
Constantly changing regulations and needs on 401(k) plans means your advisor should be doing much more than just selecting an investment line-up. Advisors should reach out often about the design and development of the fiduciary policies, analyzing all aspects of the plan and providing a complete employee education plan.
If you feel your current needs aren’t being met, please, contact us.
AI: What Does This Mean for Retirement Plans
AI is in a period of rapid development with the potential to bring extraordinary benefits to Defined Contribution plans, but it’s not without risks.
In this presentation, we’ll explore both sides of the equation, from plan effectiveness to cybersecurity.
Join PensionmarkMeridien as we host Trish McGinity with Empower, as she shares her industry knowledge on this fascinating topic.
Wednesday March 20th
12:00-12:30 P.M. EST.
If you are unable to attend the live webinar don’t worry, register to receive the replay!
Director of Qualified Plans
PensionmarkMeridien
Phone: 401-228-1407
Email: mgeraigery@pensionmark.com
Pensionmark Financial Group, LLC (“Pensionmark”) is an investment adviser registered under the Investment Advisers Act of 1940. Pensionmark and WIA Holdings, LLC (“World”) are affiliated through common ownership with Pensionmark Securities, LLC. Securities offered through Pensionmark Securities, LLC (Member FINRA/SIPC).
Coffee Talk: Advice by the Numbers
Pensionmark® Financial Group, LLC (“Pensionmark”) is an investment adviser registered under the Investment Advisers Act of 1940. Pensionmark® is affiliated through common ownership with Pensionmark Securities, LLC (member SIPC).
Coffee Talk: Retirement Income Solutions
Pensionmark® Financial Group, LLC (“Pensionmark”) is an investment adviser registered under the Investment Advisers Act of 1940. Pensionmark® is affiliated through common ownership with Pensionmark Securities, LLC (member SIPC).