Finally being able to withdraw your hard-earned money from your retirement account should be a great feeling, right? Not if you’re getting hit with a hefty penalty from a missed or miscalculated RMD!

If you’re approaching age 73, you may be trying to figure how much money you are required to take out of your retirement account each year. It is essential to be mindful of the laws passed under the SECURE Act & SECURE 2.0 that may cause you to miscalculate.

To avoid unnecessary tax penalties, click here for five easy steps for calculating your RMD.

For professional assistance with your RMD calculations and distribution requirements, contact our office at questions@richmondbrothers.com or 517-435-4040 to schedule a time to discuss.