How to Lower Your RMDs [Joe Knows Retirement, Episode 25]

[@Post4JM]

Great video ❤ Thanks 🙏🏻

[@peakretirementplanninginc.]

Thanks for watching! Don't forget to subscribe to see more content just like this!

[@alankirpalani992]

I am 70, if I take 25K out in 2024, from my IRA, would that force me to take out money from IRA in 2025, meaning does the 25K taken out in 2024, be the start benchmark of RMD withdrawal and I lose the advantage of holding on until 73 ie 2027

[@peakretirementplanninginc.]

Thanks for watching! Great question; you will not be forced to take your RMD until the age of 73, given that you are 70 now. The amount that your RMD will be based on is the Uniform Lifetime table, which starts at roughly 4% and increases with age. The total amount of tax-deferred funds you have will determine the amount that you will pay in RMDs paired with the Uniform Lifetime table percentage. We hope this helps! Dont forget to subscribe to continue to see content just like this.

[@timnewton8308]

Also, if you are already taking 4% from your IRA, then you have already met your 1st year RMD. If that .makes sense.