Aug 12, 2022 Important Ages for Retirement Accounts
If you are over age 72 and have an IRA account, you are probably required to take a distribution (RMD) this year. If you inherited an IRA account, you might be required to take a distribution regardless of age.
If this applies to you and we don’t have a planned distribution, we will contact you this fall. If you are already spending from your retirement account, you may be pulling enough to satisfy your RMD without making any changes. Please call and schedule if you would like to discuss your RMD or review your plan with your advisor.
If you are over age 70.5 you can make charitable donations directly from your IRA. This tax-free gift is called a Qualified Charitable Distribution (QCD). When you do charitable contributions this way, the distributions are not taxable and, depending on your circumstance, can help your overall tax situation. As a bonus, the distribution counts towards your required distribution.
To make donations from your IRA account, we need the organization’s name, address, and the amount you would like to give. Please get in touch with us if you would like to make qualified charitable distributions.
Leonard Rickey Investment Advisors, PLLC (“LRIA”), is an SEC registered investment adviser located in the State of Washington. Registration does not imply a certain level of skill or training. For information pertaining to the registration status of LRIA, please contact LRIA or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).
This is provided for general information only and contains information that is not suitable for everyone. As such, nothing herein should be construed as the provision of specific investment advice or recommendations for any individual. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. There is no guarantee that the views and opinions expressed herein will come to pass. This newsletter contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein and take no responsibility therefore.
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