For many nearing retirement, understanding RMDs is crucial for effective financial planning. But what exactly are RMDs, and why are they so important? RMDs might sound like just another tax rule, but mismanaging them could cost you thousands in penalties, unnecessary taxes, or missed planning opportunities. 

On this week’s show, Chris and Shawn break down the ABCs of RMDs. You’ll learn when RMDs start, how they’re calculated, what happens if you delay, and why you can’t combine your spouse’s with your own, even if you file taxes jointly. 

Here’s some of what we discuss in this episode:

📆 When RMDs start and why timing matters

💸 What happens if you forget to take one

📊 How to reinvest, redirect, or donate your RMDs

🏦 Rules for IRAs vs. 401(k)s (yes, they’re different!)

❤️ How QCDs can reduce taxes and support your favorite charities

WAYS TO CONNECT:

Book a 15-minute discovery call with the team here: https://calendly.com/rachel-bwg

Visit https://bulmanwealth.com/marcos-lemus to learn more about Marcos Lemus and the other members of the team.

If you have any questions about what we discussed or anything else in your financial plan, email us at ask@bulmanwealth.com. You can also reach the team by phone at (916) 458-8199.