{"id":12554,"date":"2024-04-29T09:19:31","date_gmt":"2024-04-29T13:19:31","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=12554"},"modified":"2025-05-08T02:35:45","modified_gmt":"2025-05-08T06:35:45","slug":"things-you-should-know-about-rmds-if-you-are-turning-73","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/","title":{"rendered":"Things You Should Know About RMDs if You Are Turning 73"},"content":{"rendered":"\n<p>Retirement accounts like the 401(k) and the Individual\nRetirement Account (IRA)&nbsp;are broadly classified&nbsp;as traditional, and\nRoth based on&nbsp;their&nbsp;taxability. Roth accounts are taxed on\ncontributions, allowing for tax-free distributions later. Conversely,\ntraditional accounts are taxed on withdrawals, enabling tax-free\ncontributions.&nbsp;In the&nbsp;case of the latter, to ensure that all\nindividuals pay taxes, the rules mandate&nbsp;all account owners withdraw money\nunder Required Minimum Distributions (RMDs).&nbsp;RMDs commence at a specific\nage (73 as of 2024) and direct you to draw a particular minimum amount based on\nyour age and&nbsp;life expectancy, according to the Internal Revenue\nService&nbsp;(IRS) tables.&nbsp;As the name suggests, RMDs are\nmandatory,&nbsp;which is why it is essential to understand&nbsp;the best\nstrategy for taking them.<\/p>\n\n\n\n<p>A <strong><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=things_you_should_know_about_rmds_if_you_are_turning_73&amp;pagetype=blog\" style=\"font-weight: bold;\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"financial advisor (opens in a new tab)\">financial advisor<\/a><\/strong> can help devise a suitable strategy for taking RMDs based on your needs and goals. This article will also focus on&nbsp;key&nbsp;aspects you should know about RMDs if you are turning 73.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69db7eca18589\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69db7eca18589\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#Below_are_9_things_to_know_about_RMDs_if_you_are_turning_73\" title=\"Below are 9 things to know about RMDs if you are turning 73:\">Below are 9 things to know about RMDs if you are turning 73:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#1_What_are_the_applicable_accounts_for_RMDs\" title=\"1. What are the applicable accounts for RMDs?\">1. What are the applicable accounts for RMDs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#2_What_month_should_I_take_my_RMD\" title=\"2. What month should I take my RMD?\">2. What month should I take my RMD?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#3_How_do_RMDs_work_in_the_case_of_multiple_retirement_accounts\" title=\"3. How do RMDs work in the case of multiple retirement accounts?\">3. How do RMDs work in the case of multiple retirement accounts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#4_How_does_the_IRS_know_your_RMD_amount\" title=\"4. How does the IRS know your RMD amount?\">4. How does the IRS know your RMD amount?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#5_How_to_calculate_tax_on_RMDs\" title=\"5. How&nbsp;to&nbsp;calculate tax on RMDs?\">5. How&nbsp;to&nbsp;calculate tax on RMDs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#6_Do_RMDs_reduce_Social_Security\" title=\"6. Do RMDs reduce Social Security?\">6. Do RMDs reduce Social Security?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#7_How_do_you_make_withdrawals_from_inherited_accounts\" title=\"7. How do you make withdrawals from inherited accounts?\">7. How do you make withdrawals from inherited accounts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#8_What_happens_if_you_do_not_make_any_RMDs\" title=\"8. What happens if you do not make any RMDs?\">8. What happens if you do not make any RMDs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#9_Do_you_have_to_spend_the_RMD_money\" title=\"9. Do you have to spend the RMD money?\">9. Do you have to spend the RMD money?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#To_conclude\" title=\"To conclude\">To conclude<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/#About_Dash_Investments\" title=\"About Dash Investments\">About Dash Investments<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Below_are_9_things_to_know_about_RMDs_if_you_are_turning_73\"><\/span>Below are 9 things to know about RMDs if you are turning 73:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_are_the_applicable_accounts_for_RMDs\"><\/span>1. What are the applicable accounts for RMDs?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Traditional IRAs, Rollover IRAs, Savings Incentive Match Plan for Employees (SIMPLE) IRAs, Simplified Employee Pension (SEP) IRAs,&nbsp;401(k) plans, 403(b) plans, Governmental 457(b) deferred compensation plans, and SIMPLE 401(k) employer-sponsored retirement plans all require <a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/what-are-required-minimum-distributions-rmds-and-why-do-they-matter\/\">RMDs<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_What_month_should_I_take_my_RMD\"><\/span>2. What month should I take my RMD?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The month&nbsp;in which&nbsp;you must start taking RMDs from\nyour retirement accounts depends on your date of birth.&nbsp;If you were born\nbefore July 1, 1949,&nbsp;your RMD age is 70.5 years. For those born between\nJuly 1, 1949, and December 31, 1950, the RMD age is 72 years. If your birthday\nfalls between January 1, 1951, and December 31, 1959, your RMD age is 73 years.\nHowever, if you were born after January 1,&nbsp;1960, you can wait until you\nare 75&nbsp;to begin taking RMDs.&nbsp;The Setting Every Community Up for\nRetirement Enhancement (SECURE) 2.0 Act, enacted in December 2022, raised the\nrequired age for RMDs to 73 years for individuals who turn 73 between 2023 and\n2032.<\/p>\n\n\n\n<p>While the general age to withdraw your RMDs is 73 years as\nof 2024, you must also know&nbsp;the exact month when you must&nbsp;draw your\nfunds to avoid a penalty.&nbsp;As per&nbsp;the IRS regulations,&nbsp;your first\nRMD should be taken&nbsp;by April 1 of the year you turn 73. April 1 is known\nas the Required Beginning Date (RBD).&nbsp;You must make&nbsp;the first\nwithdrawal on the RBD. So, if you are turning 73 this year, you have until\nApril 1, 2025, to take your first RMD from your retirement accounts.&nbsp;In\nthe case of an employer-sponsored plan, if you&nbsp;are still employed&nbsp;at\nthe age of 73 and you have funds in the account through your current job, you&nbsp;may\nbe able to&nbsp;postpone taking distributions from that account until April 1\nof the year following your retirement.&nbsp;However, this is subject to the\nprovisions of the specific plan. However, in the case of an IRA, you must\nwithdraw your funds regardless of whether you are still working or retired if\nyou are 73.<\/p>\n\n\n\n<p>Once you have taken your first RMD, you&nbsp;need\nto&nbsp;make the second withdrawal by December 31, 2025. After the first two\nRMDs, you can withdraw the&nbsp;rest of your&nbsp;funds by December 31 every\nyear for as long you live or if the account holds any money.&nbsp;All your\ndistributions can be withdrawn&nbsp;in a lump sum or at your required frequency\nthroughout the year. You can decide on the best course of action according to\nyour needs. However, you must withdraw the minimum stipulated amount for the\nyear in total.<\/p>\n\n\n\n<p>It is&nbsp;important&nbsp;to understand these dates and&nbsp;not&nbsp;get&nbsp;confused between them.&nbsp;In many cases, people omit April 1 and assume all withdrawals, including the first, must be made by December 31. However, this can lead to double taxation. Most people take their first required withdrawal from their retirement account by December 31 of the year they turn 73. If they wait until April 1 of the&nbsp;next&nbsp;year to take it, they will have to take another withdrawal by December 31 of that same year. So, they&nbsp;end up taking&nbsp;two withdrawals in one year, which means they will have to pay taxes on both withdrawals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_How_do_RMDs_work_in_the_case_of_multiple_retirement_accounts\"><\/span>3. How do RMDs work in the case of multiple retirement accounts?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Understanding the RMD requirement, especially with multiple\naccounts, can be confusing. Generally,&nbsp;when it comes to&nbsp;RMDs, you\nmust calculate and withdraw funds for each account, whether it is an IRA or a\n401(k). However, it is important to note that each account can have\nits&nbsp;own specific set of&nbsp;rules.<\/p>\n\n\n\n<p>In the case of IRAs, the IRS stipulates that while you need\nto compute the RMD from all your IRAs for a year, you can add up all the RMDs\nfrom all accounts and withdraw the sum from a single IRA if you wish.\nAlternatively, you can make separate RMDs from each of your IRAs. This\nflexibility allows you to streamline your savings and differentiate between\nyour accounts. It also makes sense if you have multiple accounts and wish to\nleave a specific account in your will to your spouse or other family member.<\/p>\n\n\n\n<p>On the other hand, with a 401(k), the rules differ drastically. You must calculate and withdraw RMDs from all your 401(k)s&nbsp;individually. There is no option to combine them all and withdraw from just one.&nbsp;This&nbsp;can make the process more complex, as you would have to calculate the RMDs from each account, which can differ based on their&nbsp;individual&nbsp;balances. Additionally, it means you must keep track of all your accounts and ensure you withdraw from each. Missing even one withdrawal could result in a penalty for that account for the year concerned.&nbsp;This rule applies to other defined contribution plans&nbsp;as well, except for 403(b).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_How_does_the_IRS_know_your_RMD_amount\"><\/span>4. How does the IRS know your RMD amount?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>To calculate your RMD for each retirement account, you can\ndivide the balance of that account as of December 31 of the previous year by a\nfactor called life expectancy.&nbsp;This&nbsp;life expectancy factor&nbsp;is\ndetermined by the IRS and can be found in their&nbsp;publications.<\/p>\n\n\n\n<p>Which life expectancy table you use depends on your situation, as explained below:<\/p>\n\n\n\n<p>a. If&nbsp;your spouse is the sole beneficiary of the account and is over ten years younger than you,&nbsp;you need to use the Joint and Last Survivor Table II.<\/p>\n\n\n\n<p>b. If your spouse is not the sole beneficiary or&nbsp;is&nbsp;not&nbsp;more than&nbsp;ten years younger than you, you&nbsp;need to&nbsp;use the Uniform Lifetime Table III.<\/p>\n\n\n\n<p>c. If you are a beneficiary of an account, such as an inherited IRA, you must use the Single Life Expectancy Table I.<\/p>\n\n\n\n<p>The IRS also provides worksheets to help you calculate your RMD account each year. Additionally, you can also get assistance from a financial advisor. The stakes are typically high when withdrawing your money. Ultimately, the responsibility for taking the correct RMD amount falls on the account owner. So, you must ensure you make correct withdrawals. Any error can lead to high taxes and penalties. Therefore, you may get help from a <strong><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=things_you_should_know_about_rmds_if_you_are_turning_73&amp;pagetype=blog\" style=\"font-weight: bold;\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"financial advisor (opens in a new tab)\">financial advisor<\/a><\/strong> to eliminate the scope of&nbsp;errors&nbsp;and arrive at the right amount for every account and year. &nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_How_to_calculate_tax_on_RMDs\"><\/span>5. How&nbsp;to&nbsp;calculate tax on RMDs?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>When you\nwithdraw your RMD from your retirement account, the amount you take out\nis&nbsp;subject to income tax at your regular income tax rate.&nbsp;It is added\nto your taxable income for the year and taxed as per the tax slab you fall\ninto. The prevailing income tax rates as of 2024 are as follows:<\/p>\n\n\n<figure class=\"wp-block-table\">\n<table style=\"height: 370px;\" border=\"1\" width=\"612\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><strong>Tax rate<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Single filers <\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Head of household<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Married filing jointly<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Married filing separately<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">10%<\/td>\n<td style=\"text-align: center;\">$0 to $11,600<\/td>\n<td style=\"text-align: center;\">$0 to $16,550<\/td>\n<td style=\"text-align: center;\">$0 to $23,200<\/td>\n<td style=\"text-align: center;\">$0 to $11,600<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">12%<\/td>\n<td style=\"text-align: center;\">$11,601 to $47,150<\/td>\n<td style=\"text-align: center;\">$16,551 to $63,100<\/td>\n<td style=\"text-align: center;\">$23,201 to $94,300<\/td>\n<td style=\"text-align: center;\">$11,601 to $47,150<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">22%<\/td>\n<td style=\"text-align: center;\">$47,151 to $100,525<\/td>\n<td style=\"text-align: center;\">$63,101 to $100,500<\/td>\n<td style=\"text-align: center;\">$94,301 to $201,050<\/td>\n<td style=\"text-align: center;\">$47,151 to $100,525<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">24%<\/td>\n<td style=\"text-align: center;\">$100,526 to $191,950<\/td>\n<td style=\"text-align: center;\">$100,501 to $191,950<\/td>\n<td style=\"text-align: center;\">$201,051 to $383,900<\/td>\n<td style=\"text-align: center;\">$100,526 to $191,950<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">32%<\/td>\n<td style=\"text-align: center;\">$191,951 to $243,725<\/td>\n<td style=\"text-align: center;\">$191,951 to $243,700<\/td>\n<td style=\"text-align: center;\">$383,901 to $487,450<\/td>\n<td style=\"text-align: center;\">$191,951 to $243,725<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">35%<\/td>\n<td style=\"text-align: center;\">$243,726 to $609,350<\/td>\n<td style=\"text-align: center;\">$243,701 to $609,350<\/td>\n<td style=\"text-align: center;\">$487,451 to $731,200<\/td>\n<td style=\"text-align: center;\">$243,726 to $365,600<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">37%<\/td>\n<td style=\"text-align: center;\">$609,351 or more<\/td>\n<td style=\"text-align: center;\">$609,350 or more<\/td>\n<td style=\"text-align: center;\">$731,201 or more<\/td>\n<td style=\"text-align: center;\">$365,601 or more<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n<p>While the RMDs are compulsory and there is no way to eliminate the tax, you can somewhat lower your liability. The first way to do so is by moving all or a portion of your money into a Roth IRA. With a rollover, you will pay taxes on the amount you move to the new account now, but all future withdrawals from the Roth IRA will be tax-free.&nbsp;This&nbsp;can be helpful for your&nbsp;own&nbsp;use later or to pass on to your heirs.&nbsp;Employed individuals with a 401(k)&nbsp;who&nbsp;plan to work in the future can choose&nbsp;not&nbsp;to withdraw their funds until they are employed.&nbsp;If you&nbsp;are&nbsp;employed&nbsp;after&nbsp;the&nbsp;age&nbsp;of&nbsp;73, you&nbsp;do not&nbsp;have to&nbsp;withdraw&nbsp;your RMDs&nbsp;until&nbsp;you wish to.&nbsp;Lastly, you can itemize your tax deductions and increase other deductions like charitable contributions or medical expenses. These can lower your overall taxes.<\/p>\n\n\n\n<style type=\"text\/css\">\r\n  .articles-ad-page {\r\n   border-top: 1px solid #ADADAD;\r\n   border-bottom: 1px solid #ADADAD;\r\n   padding: 15px 0;\r\n   margin-bottom: 10px;\r\n   display: block;\r\n  }\r\n\t.articles-ad-page {padding: 10px 5px; border-top: 1px solid #BEBEBE; border-bottom: 1px solid #BEBEBE; margin-bottom: 20px;\t}\r\n\t.articles-ad-page img {float: left; margin-right: 20px; max-width: 140px; margin-top: 5px; margin-bottom: 5px; border-radius: 0;}\r\n\t.articles-ad-page .txt {line-height: 21px; margin-bottom: 0; font-size: 14px; margin-top: 4px; }\r\n  .articles-ad-page .txt p{font-size: 14px;}\r\n  .articles-ad-page .txt p a{color: #035184 !important; font-weight: bold; text-decoration: none;}\r\n  .spocored-text{color: #cac5c5; font-weight: 500; float: right; font-size: 12px;}\r\n  .wa-text{color: #183a68; font-weight: bold; float: left; font-size: 12px;}\r\n  .articles-ad-page .alignleft{ float:left!important;}\r\n  .txt-head{margin-bottom: 2px; text-align: left; margin-top: -6px;}\r\n  .txt-text{margin-bottom: 14px;}\r\n  @media screen and (max-width:767px) and (min-width:320px){\r\n      .articles-ad-page .txt-head {margin-top: -15px; float: left; width: 50%;}\r\n      .articles-ad-page .txt {width: 100% !important; margin-top: 12px;}    \r\n      .articles-ad-page { display: block;}\r\n    }\r\n  @media screen and (max-width: 360px) and (min-width: 320px){\r\n    .articles-ad-page .txt-head a {\r\n        font-size: 16px!important;\r\n        line-height: 16px!important;\r\n    }\r\n    .articles-ad-page .txt-head{\r\n        margin-right: 14px;\r\n            width: 45%;\r\n    } \r\n    .articles-ad-page img{ margin:0 10px 10px 0px!important;}\r\n  }\r\n<\/style>\r\n\r\n\r\n<p><span class=\"spocored-text\" >SPONSORED<\/span> <span  class=\"wa-text\">WISERADVISOR<\/span><\/p>\r\n<div class=\"clearfix\"><\/div>\r\n<div class=\"Articles-ad-page\"><img decoding=\"async\" class=\"alignleft-new\" style=\"margin-top: 0px;\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2023\/03\/ads-image-1.jpg\" alt=\"ad_article\" width=\"\" height=\"\"><p><\/p>\r\n<div class=\"txt-new\">\r\n<p style=\"margin-bottom: 22px;\"> <a href=\"https:\/\/www.wiseradvisor.com\/match_advisors.asp?kwd=paladin-blog-ad-things-you-should-know-about-rmds-if-you-are-turning-73&amp;utm_medium=middle\" style=\"color:#035184;     font-size: 20px;font-weight: 700; text-decoration: none;\" target=\"_blank\" rel=\"noopener noreferrer\">Need a financial advisor? Compare vetted experts matched to your needs. Compare credentials and fees.<\/a><\/p>\r\n<p>Choosing the right financial advisor is daunting, especially when there are thousands of financial advisors near you. We make it easy by matching you to vetted advisors that meet your unique needs. Matched advisors are all registered with FINRA\/SEC.  <a href=\"https:\/\/www.wiseradvisor.com\/match_advisors.asp?kwd=paladin-blog-ad-things-you-should-know-about-rmds-if-you-are-turning-73&amp;utm_medium=middle\" target=\"_blank\" style=\"font-weight: 700;    color: #035184;\" rel=\"noopener noreferrer\">Click to compare vetted advisors now.<\/a><\/p>\r\n<\/div>\r\n<div class=\"clearfix\"><\/div>\r\n<\/div>\r\n\r\n\r\n\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Do_RMDs_reduce_Social_Security\"><\/span>6. Do RMDs reduce Social Security?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Social Security benefits can&nbsp;be taxed&nbsp;up to 85%.\nThe tax you pay on Social Security depends on your tax filing status and your\ntotal&nbsp;income, which is a sum of your Adjusted Gross Income&nbsp;(AGI), any\nnontaxable interest you receive and half of your Social Security\nbenefits.&nbsp;<\/p>\n\n\n\n<p>If you are single, here&#8217;s what you need to know:<\/p>\n\n\n\n<p>a. If your&nbsp;total&nbsp;combined income is less than $25,000, you will not pay taxes on your Social Security benefits.<\/p>\n\n\n\n<p>b. If your total&nbsp;combined income is between $25,000 and $34,000, you may pay tax on up to half of your&nbsp;Social Security benefits.<\/p>\n\n\n\n<p>c. If your total&nbsp;combined income is more than $34,000, you may pay tax on up to 85%&nbsp;of your Social Security benefits.<\/p>\n\n\n\n<p>If&nbsp;you are married and file jointly, the limits are a bit higher:<\/p>\n\n\n\n<p>a. If your&nbsp;total&nbsp;combined income is less than $32,000, you will not pay taxes on your Social Security benefits.<\/p>\n\n\n\n<p>b. If your total combined income is between $32,000 and $44,000,&nbsp;you may pay tax on up to half of your Social Security benefits.<\/p>\n\n\n\n<p>c. If your&nbsp;total&nbsp;combined&nbsp;income is more than $44,000, up to 85% of your Social Security benefits may be&nbsp;taxed.<\/p>\n\n\n\n<p>When you take RMDs from your retirement accounts, it can increase your taxable income.&nbsp;This&nbsp;can affect&nbsp;certain&nbsp;calculations for Social Security and Medicare. For Social Security benefits, if your RMDs push your total income above certain thresholds, a part of your Social Security benefits might be taxed.&nbsp;Essentially, the&nbsp;more income you have, including RMDs, the more likely&nbsp;it is that&nbsp;you will owe taxes on your Social Security benefits.&nbsp;Similarly, if your income, including RMDs, is higher, you might have to pay higher Medicare premiums. Medicare Part B premiums are decided on your income, so if your income goes up due to RMDs, your Medicare premiums might also increase.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_How_do_you_make_withdrawals_from_inherited_accounts\"><\/span>7. How do you make withdrawals from inherited accounts?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There are different types of inherited IRAs. The rules for\nRMDs can differ for each of these types. Here\u2019s what you need to know:<\/p>\n\n\n\n<p><strong>a. Spousal 401(k):&nbsp;<\/strong>There are two options&nbsp;available&nbsp;in the case of&nbsp;spousal&nbsp;401(k)s. The first is to keep the money in the plan. However, you can do so only if the company offering the account allows it. The second option is to roll&nbsp;over&nbsp;the 401(k) assets into an inherited IRA. It is important to note that the company sponsoring the account may have their own&nbsp;set of&nbsp;rules about how&nbsp;the money within the account must be withdrawn. In this case, you need to follow their guidelines.<\/p>\n\n\n\n<p><strong>b. Non-spousal 401(k):<\/strong>&nbsp;You can&nbsp;roll over the&nbsp;funds to an inherited IRA as a non-spousal beneficiary.<\/p>\n\n\n\n<p><strong>c. Spousal Roth IRA:<\/strong>&nbsp;Spousal Roth IRAs do not have RMDs as the account owner has already paid tax on them when making contributions.<\/p>\n\n\n\n<p><strong>d. Spousal traditional IRA:<\/strong>&nbsp;You have multiple options in the case of spousal <a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/advantages-of-a-traditional-ira-disadvantages-of-a-traditional-ira\/\">traditional IRAs<\/a>. You can either roll over the assets into an inherited IRA or&nbsp;to&nbsp;your own IRA if you have one. In the case of the former,&nbsp;your RMD will be calculated&nbsp;based on the IRS Single Life Expectancy Table. You can use your age and life expectancy&nbsp;factor&nbsp;to determine the RMD amount. RMDs from an inherited IRA must commence based on your spouse&#8217;s age at the time of their passing and not yours.<\/p>\n\n\n\n<p>If you&nbsp;choose to&nbsp;roll over the fund to your own IRA, you can use the Uniform Life Expectancy Table to calculate the RMD amount. The RMDs, in this case, will commence as per your age.<\/p>\n\n\n\n<p><strong>e. Non-spousal traditional IRA:<\/strong>&nbsp;If you inherit an IRA, you typically have to start taking RMDs&nbsp;by December 31 of the year after the original owner&#8217;s death.&nbsp;The amount you need to withdraw&nbsp;is calculated&nbsp;using the IRS Single Life Expectancy Table. If the original owner died before taking an RMD, you calculate your RMDs based on your age at the end of the year after their death. You subtract figure &#8220;1&#8221; from the initial life expectancy factor each year to calculate subsequent RMDs.<\/p>\n\n\n\n<p>It is important to note that the SECURE Act brought in some changes to retirement accounts,&nbsp;one&nbsp;which now mandates beneficiaries to withdraw all the funds within an inherited IRA within ten years of the original owner&#8217;s death. The only exception to this rule is an exemption for minors and disabled or chronically ill individuals. If the beneficiary is a child under 18, they can wait until they become adults to withdraw the money. The choice rests with disabled or chronically ill individuals.&nbsp;If you are&nbsp;not more than&nbsp;ten years younger than the original account holder when they passed away, you are&nbsp;also&nbsp;exempt from the new SECURE Act rules.<\/p>\n\n\n\n<p>Inherited IRAs can also have multiple non-spouse beneficiaries. Many times, parents may leave the account to more than one child or grandchild. In such a case, each beneficiary&nbsp;needs to&nbsp;set up their own inherited IRA by December 31, the year the original account owner died. Otherwise, they&nbsp;must&nbsp;follow the RMD schedule based on the oldest remaining beneficiary as of December 31.<\/p>\n\n\n\n<p><strong>f. Non-spousal Roth IRA:<\/strong>&nbsp;The ten-year rule also applies to non-spousal Roth IRAs.&nbsp;This&nbsp;means you&nbsp;need to&nbsp;withdraw all the money from the inherited Roth IRA within ten years of the original owner&#8217;s death. In addition to this, the inherited Roth IRA also has a five-year rule. According to the rule, you must withdraw the entire&nbsp;value of the account&nbsp;by December 31 of the tax year containing the fifth anniversary of the original owner&#8217;s death. If the inherited Roth IRA has been around for more than five years, all withdrawals, including&nbsp;both&nbsp;contributions and earnings, are tax-free. However, if it is less than five years, earnings are taxable when withdrawn, although contributions are not taxed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_What_happens_if_you_do_not_make_any_RMDs\"><\/span>8. What happens if you do not make any RMDs?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Taking out the correct amount on time is crucial to avoid\npenalties for not withdrawing the required amount from your retirement\naccounts. If you miss a withdrawal, the IRS can charge you a 25% penalty tax on\nthe amount you should have withdrawn. However, if you realize your mistake\nwithin two years, the penalty drops to 10% when corrected.<\/p>\n\n\n\n<p>Fortunately, if there is a valid reason for the error, the IRS may grant a&nbsp;waiver of the penalty. To request a waiver, you can simply submit a letter with your Form 5329 explaining the situation. While there are no guarantees, it is possible to obtain a waiver if you have a reasonable explanation for the oversight.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Do_you_have_to_spend_the_RMD_money\"><\/span>9. Do you have to spend the RMD money?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Often, the RMDs&nbsp;may&nbsp;feel obligatory, especially if\nyou do not have an immediate need for the funds.&nbsp;The RMD amount&nbsp;is\ndetermined&nbsp;by factors such as&nbsp;your&nbsp;age and the account balance.\nIf you find yourself mandated to withdraw more than you currently require,\nyou&nbsp;have the option to&nbsp;leave the excess funds in your account. Once\nthe RMD&nbsp;is withdrawn, you&nbsp;have the flexibility to&nbsp;manage the\nmoney as you see fit. You can&nbsp;choose to&nbsp;store it in your bank account\nor keep it in cash, depending on your preference. There are no specific rules\ndictating how you must utilize this money. The IRS only requires the withdrawal\nto ensure timely tax collection.<\/p>\n\n\n\n<p>After taxes&nbsp;are deducted, you&nbsp;have the freedom\nto&nbsp;allocate the remaining funds as you wish. You can opt to spend, donate,\nsave, or invest. The choice is yours.&nbsp;A lot of&nbsp;people use the money\nfrom their taxable RMDs to open a Roth IRA.&nbsp;This&nbsp;offers the potential\nfor growth with any future tax liabilities. Moreover, since the Roth IRA is an\neffective estate planning tool, using it at this stage of your life allows you\nto leave a legacy behind for your loved ones, minus the tax hassles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_conclude\"><\/span>To conclude<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Knowing the RMD schedule and making your distributions on\ntime can significantly simplify the&nbsp;process of withdrawal. It\nensures&nbsp;that you get to&nbsp;utilize your years of savings without wasting\nthem away in taxes and penalties. However, it is&nbsp;important&nbsp;to note\nthat the rules surrounding RMDs can change over time. Additionally, the\ncalculations can be complex, as they&nbsp;are influenced&nbsp;by factors such\nas the account, your life expectancy, and your&nbsp;individual&nbsp;situation,\nwhich determine the table used for determining the amount. Therefore, it may be\nadvisable to seek help from a financial advisor.<\/p>\n\n\n\n<p>Use the <strong><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=things_you_should_know_about_rmds_if_you_are_turning_73&amp;pagetype=blog\" style=\"font-weight: bold;\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"free advisor match service (opens in a new tab)\">free advisor match service<\/a><\/strong> to get matched with vetted financial advisors who can help advise what things to keep in mind when drawing your RMDs. Simply answer a few questions about your financial needs, and our free match tool can match you with 2 to 3 advisors suited to provide guidance toward your financial goals.<\/p>\n\n\n\n<p>To learn more about the most suitable tax-saving strategies for your specific financial requirements, visit&nbsp;Dash Investments&nbsp;or email me directly at&nbsp;<a href=\"mailto:dash@dashinvestments.com\"><strong>dash@dashinvestments.com<\/strong><\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_Dash_Investments\"><\/span><strong>About Dash Investments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.dashinvestments.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dash Investments<\/strong><\/a>&nbsp;is privately owned by&nbsp;<a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jonathan-dash-founder-cio-dash-investments\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Jonathan Dash<\/strong><\/a>&nbsp;and is an independent investment advisory firm, managing private client accounts for individuals and families across America. As a Registered Investment Advisor (RIA) firm with the SEC, they are fiduciaries who put clients\u2019 interests ahead of everything else.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.paladinregistry.com\/financial-advisory-firm\/woodland-hills\/california\/dash-investments\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Dash Investments<\/strong><\/a>&nbsp;offers a full range of investment advisory and financial services, which are tailored to each client\u2019s unique needs providing institutional-caliber money management services that are based upon a solid, proven research approach. Additionally, each client receives comprehensive financial planning to ensure they are moving toward their financial goals. CEO &amp; Chief Investment Officer&nbsp;Jonathan Dash&nbsp;has been covered in major business publications such as Barron\u2019s, The Wall Street Journal, and The New York Times as a leader in the investment industry with a track record of creating value for his firm\u2019s clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retirement accounts like the 401(k) and the Individual Retirement Account (IRA)&nbsp;are broadly classified&nbsp;as traditional, and Roth based on&nbsp;their&nbsp;taxability. Roth accounts are taxed on contributions, allowing for tax-free distributions later. Conversely, traditional accounts are taxed on withdrawals, enabling tax-free contributions.&nbsp;In the&nbsp;case of the latter, to ensure that all individuals pay taxes, the rules mandate&nbsp;all account owners withdraw money under Required Minimum Distributions (RMDs).&nbsp;RMDs commence at a specific age (73 as of<\/p>\n","protected":false},"author":125,"featured_media":12567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-12554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Things You Should Know About RMDs if You Are Turning 73 - Paladin Registry<\/title>\n<meta name=\"description\" content=\"Learn essential details about Required Minimum Distributions (RMDs) at age 73 and how a financial advisor can assist.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/things-you-should-know-about-rmds-if-you-are-turning-73\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Things You Should Know About RMDs if You Are Turning 73 - 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