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What If You Forget To Take Your RMD? – Season 7: Episode 11

Whether you need the money to live on or not, it’s a fact that once you reach age 72, you’re generally required to take a certain amount of money each year out of your tax-deferred retirement accounts. These are your Required Minimum Distributions, or RMDs.

The penalty for missing an RMD is severe: 50 percent of the amount you missed! That’s not fun, and it certainly is costly. So what happens if you accidentally miss the RMD for a given year? Are you simply out of luck?

Maybe not. Learn more about what remedies you may have available to you with podcast host Johnny Dean and his guest, “Professor” Rick Plum, CFP® on this week’s episode of Managing Your Financial Future!

Important Information:

The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.

No client or prospective client should assume that the presentation (or any component thereof) serves as the receipt of, or a substitute for, personalized advice from Lucia Capital Group or from any other investment professional.

IRA withdrawals will be taxed at ordinary income rates. Withdrawals prior to age 59½ may also be subject to a 10% penalty tax.

Rick Plum is a registered representative with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.

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