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I have to take my first RMD no later than April 1st this year and then I guess I gotta take yet another one before the end of the year?
My RMD is going to be pretty small because my wife has all the money... how I don't completely understand but she has literally 6 times the amount in her retirement funds than I have in mine so, in my case, we are talking peanuts.
Wife doesn't have to take her first RMD until 2022 or April of 2023. I laugh because my wife's RMD will be more than five times mine... you know how it works... your money is her money and her money is her money.
Do most people take their money in a single annual withdrawal? March would work good for me once I quit working because that happens to be the month some big annual bills come due.
Depends. When I inherited my mother's IRA I took the RMD once a year in June... because it covered a good portion of my property tax bill that was due in July. Now that I am taking my own RMDs and living on that money, I have it spread out over the year. The largest one is quarterly. I checked the dates and months dividends are paid and set up my direct deposits for after those dates.
My accounts generate monthly dividends, so I will take monthly distributions. I'll also be able to avoid selling shares which would be needed for an annual distribution.
Monthly. Our money is with Fidelity and they calculate what we have to withdraw. We take it monthly because that what we live on. Our bills come in monthly.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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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.
My wife and I take our RMDs in one lump sum (actually two lump sums, hers and mine), usually in January. We figure that we might as well have the use of the money throughout the year. We have our accounts with Schwab, and they make it simple and easy.
I have an inherited IRA from my mother’s estate that I take in November. Covers our Christmas expenses. Thanks Mom.
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