Do you know exactly how required minimum distributions work on different types of accounts and how you can most effectively plan for them?

Most people, they have some idea of how these required minimum distributions or RMDs for short work,

but it's not until you understand all the different nuances of these RMDs that you can create a plan to best address them.

So in today's episode, we're going to talk through everything you need to know about RMDs

so you can know what's best for your specific situation.

This is another episode of Ready for Retirement.

I'm your host, James Cannell, and I'm here to teach you how to get the most of life with your money.

And now, on to the episode.

Today's episode is based on a question that we received, and this comes from Kimberly.

Kimberly says this. She says, I'm a relatively new listener, but I'm working through all your podcasts,

and I appreciate your perspective on the various topics of finance. Maybe I missed it, but I would love an education

on RMDs, so required minimum distributions, and the potential tax implications they pose.

For example, taxes, leaving money to charity or to heirs, and other considerations like what

percent of my retirement percent should

be an IRAs versus an investment account and where to start drawing down first. I don't believe

all IRAs have the same required start date. For example, doesn't a beneficiary IRA need to be

depleted within 10 years of the inheritance regardless of age? Are there any other zingers to be aware of and who

notifies you of them? If you could provide a framework or considerations regarding RMDs,

that would be great. Thank you, Kimberly. Well, Kimberly, you are very welcome. We'll be happy to do

this, and I think this is a good topic because you're right. When it comes to required minimum

distributions, and from here on out,

I'll just be referring to those as RMDs, so want to make sure you understand what that

...