Required Minimum Distributions
After all, we’re as committed to helping you achieve your goals as you are.
Cherry Hill, NJ (PRWEB) July 10, 2014
For many baby boomers and seniors, an Individual Retirement Account (IRA) is the largest financial asset they own. Knowing the best practices for effective IRA management, including dealing with required minimum distributions, is essential for maximizing someone’s financial security, according to experienced wealth planner Brent Meyer. For that need, Safe Money Resource has created a new, free guidebook for helping people understand their IRAs and the required minimum distributions associated with them.
According to IRS.gov, a required minimum distribution is the minimum amount an individual must withdraw from his or her IRA each year, as required by federal tax law. In general, people are required to begin making withdrawals from their account when they reach 70.5 years of age. They are able to withdraw more than the minimum amount set. However, there are many tax obligations and other important details of which to be aware. These policy components play a big role in determining how much someone is taxed, among other things.
To navigate the complexities of these account withdrawals, Safe Money Resource’s guidebook contains valuable information that addresses fundamental details such as how much one is taxed on their withdrawn amount. Other dynamics of importance include state income tax policy, minimum amounts to be withdrawn, and penalties of opting for non-withdrawal.
“Any part of financial planning and management can be frustrating, since it’s so detailed and there’s often so much involved. IRAs and required minimum distributions are no exception, and they can be challenging to fully understand and deal with,” said Meyer, co-founder of Safe Money Resource. “For instance, one important thing to keep in mind is that you cannot keep money in your IRA indefinitely. When you turn 70.5 years old, there are stringent standards that require you to withdraw money from your IRA by April 1 of the following year. That’s why we’ve put together this resource—to help you understand the ins-and-outs of your IRA obligations and how best to take care of them.”
In the guidebook, baby boomers learn of many critical details, including:
- How much income tax you will have to pay on your IRA
- How much money you will have to take care out of your qualified plan and when
- What a qualified plan actually is
- The downsides of withdrawing the wrong amount
- Required minimum distribution standards for Roth IRAs
- And more
The guidebook can be found at Safe Money Resource’s website: http://safemoney.com/hot-topics/required-minimum-distributions-booklet.
In addition to information on IRAs, SafeMoney.com functions as a one-stop center for investor education on the many other investor options available for a guaranteed lifetime income. These topics of coverage include annuities, life insurance, long-term care insurance, Social Security, retirement income planning, estate planning, and others.
Meyer started Safe Money Resource after he saw how many financial service professionals act for their own gain instead of their clients’ interest. Seeking to empower today’s investors with up-to-date information on different vehicles for achieving lasting financial security, he now serves as Safe Money Resource’s President. Above all, he says that Safe Money Resource’s biggest aim is helping investors achieve the financial independence they deserve.
On top of its educational mission, Safe Money Resource comprises a small network of licensed, independent advisors who offer insurance products for lasting income stability. Unlike insurance agents who are “captive” to one insurance carrier and its products, Safe Money Resource’s carefully vetted, client-minded independent advisors have relationships with many insurance carriers. Therefore, they can show individuals a much more comprehensive range of financial products, showcase each product selection’s advantages and downsides, and underwrite a financial policy that is customized to an investor’s unique objectives.
“Our informative content and educationally-minded advisors demonstrate what we hope to be to our clients—service-minded professionals who are capable and trustworthy in the investment pathways they recommend. We’re dedicated first and foremost to the unique demands of each client and helping him or her achieve financial prosperity,” explained Meyer. “Should you have any question or want unbiased, trustworthy information on your financial plans, give us a call. You can trust our dedicated team to give you expert advice and personalized support. After all, we’re as committed to helping you achieve your goals as you are.”