Understanding Required Minimum Distributions (RMDs) in 8 Minutes or Less

Join Tommy Cloud, President of Third Act Retirement Planning and certified financial planner, as he breaks down everything you need to know about Required Minimum Distributions (RMDs). In this short video, Tommy explains the basics of RMDs, how they grow tax-deferred in retirement accounts like 401(k)s and IRAs, and the changes introduced by the SECURE 2.0 Act. Learn about the penalties for not taking RMDs, how to calculate them, and recent updates regarding Roth 401(k)s and charitable donations. Perfect for anyone looking to understand their retirement obligations in a concise and informative manner.

00:00 Introduction to RMDs
00:47 Understanding Contributions and Tax Deferral
01:24 Required Minimum Distributions (RMDs) Explained
02:09 Changes in RMD Age Requirements
02:45 Calculating Your RMD
03:09 Penalties for Missing RMDs
03:57 IRS Table for RMD Calculation
04:53 Personal Finance Insights and Background
05:30 Key Points About RMDs
07:10 Conclusion and Contact Information

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Disclaimer: Since we don't know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice, or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor, or the appropriate professional for the subject you would like help with. Third Act Retirement Planning or its members cannot be held liable for any use or misuse of this content.

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