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Annually. I set spouse up with a GLWB Annuity. The withdrawal from these two accounts is sufficient for many, many years to where the remaining two IRA accounts may never be touched.
Same here - it 'kills two birds with one stone' since the annual annuity income anyway comes in anyway.
I take my RMD's annually (from Fidelity) and have them withhold 10% for taxes. I then put the RMD's in a Vanguard Fund. Fidelity from which a draw a monthly check. Fidelity will not do an electronic funds transfer to Vanguard.
Annually, but depends on the year. I only have inherited Fidelity IRAs with required RMDs so far. Up until this year I've let what's left after withholding accumulate in my own Fidelity cash account. This year took them directly to help pay a big medical bill. I know my Dad wanted to do something nice for his kids, but anything that could be done simply he had to make complicated. Instead of leaving one IRA he had to leave 5, including a couple of Roths, from 3 different sources with differing stipulations.
Inherited IRA. I take it in January, pay the taxes owed on it then allocate the remainder among different savings accounts where I budget towards expenses throughout the year.
I have 7 more years to make a decision about RMDs, now that the age to begin has been raised to 72. Thanks to all that posted comments in this thread, it is interesting to read what others have said and done.
I will probably use part of my annual RMD to pay taxes, especially since RMDs will push my tax liability way up there. My total annual taxable retirement income when I start taking RMDs will exceed my highest gross annual earned income when I was working! It is not such a bad problem to have.
I have 7 more years to make a decision about RMDs, now that the age to begin has been raised to 72. Thanks to all that posted comments in this thread, it is interesting to read what others have said and done.
I will probably use part of my annual RMD to pay taxes, especially since RMDs will push my tax liability way up there. My total annual taxable retirement income when I start taking RMDs will exceed my highest gross annual earned income when I was working! It is not such a bad problem to have.
I was reading an interesting article yesterday, either online or on this site. They were talking about not waiting until you had to take money out because of your exact problem; the amount of money would be large enough it would put them into the next tax bracket.
So they came up with a calculator (I forget if it's something they found online or if they made something in Excel) that let them figure out how much they could take out without bumping them into the next bracket.
They could invest the money and theoretically end up with more after tax money in the long run (by taking a little $$$ early.
Long-winded explanation I know but I'm sure you get the idea.
I take my RMD's annually (from Fidelity) and have them withhold 10% for taxes. I then put the RMD's in a Vanguard Fund. Fidelity from which a draw a monthly check. Fidelity will not do an electronic funds transfer to Vanguard.
OOPS..CORRECTION
I take my RMD's annually (from Fidelity) and have them withhold 10% for taxes. I then put the RMD's in a Vanguard Wellington Fund, from which I draw a monthly check. Fidelity will not do an electronic funds transfer to Vanguard.
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