Each week, Kyle Winkfield of Finley Alexander Wealth Management has helped break down the nuts and bolts of finance. This week we talk RMD's, or Required Minimum Distributions.
RMD is the minimum amount you must take out of your retirement accounts when you reach the age of 72. While these percentages vary from account to account, they will grow as the account holder gets older. There are penalties for those who do not take these distributions, and not planning ahead can cost you.
If you're holding onto an account for later or hoping to pass it on to a family member, you can make a plan early to reinvest your RMD to help increase your legacy and meet your financial goals.
Finley Alexander Wealth Management provides free webinars on RMD and other financial concepts to help give you the best information if you're struggling.
Learn more here.