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On this episode of The Retirement Defense, Brett walks you through everything you need to know about required minimum distributions, or otherwise known as RMDs.

So what is a required minimum distribution? An RMD is a required amount of money that the government makes you take out of your qualified accounts when you turn 72 (in previous years it was 70 ½).

Basically, after all the years you are saving money in your retirement accounts, the IRS wants to get some of those tax dollars. So once you turn 72 years old, they force you to start taking some of those distributions. And the amount of those distributions are based upon your life expectancy from what they call a Uniform Life Table. This table produces the dollar amount that is required.

If you don’t need that money just yet, and you don’t want to pay taxes on that money they are forcing you to withdraw, you want to create a strategic financial plan to reduce the distribution amount you have to take. The accounts that are impacted are all the accounts that are tax deferred, such as your 401k, IRA, SEP IRA, and 403b accounts. You’ll also need to run a calculation on each individual account (or sometimes you can combine them all).

This is the important part: There are very significant tax penalties if you do not take your required minimum distribution (We’re talking a 50% penalty on the amount you were supposed to take!), so make sure to consult a professional to get your plan in place.

To learn more about required minimum distributions and what you need to do in your personal situation, schedule a call with Brett directly to go over your options at

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