Required Minimum Distributions (RMDs) are a fact of life for most IRA owners who are at least 72 years of age. A certain amount of money must be distributed out of the IRA each year, or the IRS imposes a strict penalty on the missed amount.
How strict? 50 percent of the amount you were supposed to take out! That's a scary proposition, but what if, for one reason or another, you missed your RMD for one or more years? What now?
In this week's episode of Managing Your Financial Future, podcast host Johnny Dean and Rick "The Professor" Plum, CFP® talk about ways to potentially remedy this situation, and maybe -- maybe -- not have to pay the penalty. Have a listen and find out more!
