How Much Is the Required Minimum Distribution (RMD) if You Have 1 Million in Your Retirement Account?
Many people aim for the million-dollar mark as a financial milestone, especially when it comes to their retirement savings.The good news is that having $1 million in retirement savings could carry most people through retirement. The not-so-good news is that having it in a tax-deferred retirement account like a 401(k) or traditional IRA means owing taxes when you make withdrawals in retirement.And to ensure you eventually pay your fair share of taxes, the IRS has required minimum distributions (RMDs), which begin the year you turn 73.Continue reading
Many people aim for the million-dollar mark as a financial milestone, especially when it comes to their retirement savings.
The good news is that having $1 million in retirement savings could carry most people through retirement. The not-so-good news is that having it in a tax-deferred retirement account like a 401(k) or traditional IRA means owing taxes when you make withdrawals in retirement.
And to ensure you eventually pay your fair share of taxes, the IRS has required minimum distributions (RMDs), which begin the year you turn 73.
