Top 10 Most Common Required Minimum Distribution Mistakes

Repair The Roof - Estate & Retirement Planning Podcast

"RMDs can be a complex and intricate situation in retirement. But knowing these common mistakes can help you navigate this important part of your retirement plan."

Our host, Danny Gudorf, unravels the complexities of RMDs and spotlights the top 10 mistakes that could derail your retirement strategy. With new laws changing the starting age from 70.5 to 73, and eventually to 75, it's more crucial than ever to be informed. Discover why you can’t combine RMDs with your spouse's and the hefty tax consequences of postponing your first RMD. Danny also debunks myths like converting RMDs to Roth IRAs and explains the nuances of consolidating RMDs from multiple IRA accounts.

Danny shifts gears to provide essential tips for retirement planning. Learn how to make savvy financial decisions that will maximize your golden years. Don’t forget to follow for ongoing insights and check out the resources in the episode description for more guidance. This episode is packed with actionable advice to help you avoid costly mistakes and set sail toward a successful retirement journey.

Key Topics:

• Mistake #1: Not Starting Your RMD on Time (01:08)
• Mistake #2: Combining RMDs with a Spouse (03:04)
• Mistake #3: Misunderstanding the Potential Cost of Not Starting on Time (04:09)
• Mistake #4: Confusing RMDs with Roth Conversions (05:45)
• Mistake #5: Misunderstanding the RMD Aggregation for IRAs (07:20)
• Mistake #6: Misunderstanding the RMD Aggregation for 401ks and 403bs (09:39)
• Mistake #7: Not Understanding the Still Working Exemption for 401ks (10:48)
• Mistake #8: Not Understanding the New Roth 401k RMD Rules (12:23)
• Mistake #9: Forgetting to Take Your RMDs Altogether (13:58)
• Mistake #10: Not Exploring RMD Planning Opportunities (15:57)

Resources:

• Gudorf Financial Group
• Get Your Free Retirement Assessment
• The Retire Ready Toolkit (free resource)
• Subscribe on Youtube