Retirement planning is a complex task, and it can be difficult to know what calculations to make in order to ensure a secure financial future. One of the most important calculations that can help inform retirement planning decisions is calculating Required Minimum Distributions (RMDs) based on IRS tables. The 2018 RMD tables are now available, and they contain important information that will help individuals ensure they are meeting their retirement goals.
The IRS calculates RMDs differently depending on the type of retirement plan and the age of the account holder. In 2018, there are two sets of tables used by the IRS to determine the RMDs for traditional IRAs, Roth IRAs, Inherited IRAs, and Qualified Retirement Plans. These tables have been updated for 2018 to reflect changes in the tax laws and other factors. Knowing how to use these tables is essential for anyone who is planning for retirement.
The first table used by the IRS is known as the Uniform Lifetime Table, which is used to calculate RMDs from traditional IRAs and qualified retirement plans. This table takes into account the age of the account holder and calculates the RMD from the account each year until the account holder reaches the age of 70 ½. The second table is known as the Joint Life and Last Survivor Expectancy Table, and this is used for calculating RMDs from inherited IRAs. This table takes into account the ages of both the account holder and their primary beneficiary, and it also factors in the number of years remaining until each individual reaches the age of 70 ½.
Understanding how the RMD tables work is critical for any retiree, as it ensures that they are meeting their required minimum distributions and staying within the IRS regulations. By using the correct tables and taking into account their age and the age of their beneficiaries, retirees can ensure that they are meeting their retirement goals and getting the most out of their retirement savings. Additionally, the tables can help inform decisions such as when to start taking distributions and how much to withdraw each year.
Overall, the 2018 RMD tables are an important tool for anyone who is planning for retirement, as they provide valuable information for making informed decisions about retirement planning. With these tables, individuals can ensure that they are meeting their RMD requirements and getting the most out of their retirement savings.
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