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Michael A. Milazzo, CLU, ChFC
Registered Principal LPL
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: mikemilazzo.meridian@lpl.com
September/October 2017
Rules of the road
If you’re nearing your retirement date, it’s a good idea to learn the rules about taking required minimum distributions (RMDs) from individual retirement accounts (IRAs) and 401(k) plans.
- Your first RMD generally will be due by April 1 of the year after you reach age 70½.
- Another RMD will be due by December 31 of that same year and then each subsequent year.
- If you miss taking an RMD, the penalty will be 50% of the amount you should have taken but didn’t.
- You can withdraw more than the minimum amount.
- Your withdrawals will generally be taxable at your ordinary income tax rates.
For more information about RMDs, talk to your financial professional.
FINRA Reference FR2017-0427-0092/E 08/02/17
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