Ask The Hammer: How Will The New 2022 RMD Rules Apply to My IRA Distributions?
Jeffrey Levine of Buckingham Strategic Wealth explains how the new 2022 RMD rules apply to an IRA account owner's distributions.
Key Takeaways
- Calculate your new RMD using the 2022 life expectancy tables—most people will see a ~5% reduction in required withdrawals (e.g., $10,000 becomes ~$9,500)
- Use the Uniform Lifetime Table unless you have a spouse more than 10 years younger named as your sole beneficiary—then use the Joint Life table; never use the Single Life table as an account owner
- With lower RMDs, you may have more flexibility to convert additional funds to a Roth IRA beyond your required minimum distribution amount
- Make sure you're using the new 2022 tables specifically—using outdated tables will result in calculating and withdrawing more than necessary
- These tables will likely remain in effect for at least the next decade, so plan your retirement distributions accordingly
Ask The Hammer: How Will The New 2022 RMD Rules Apply to My IRA Distributions? In this episode of Ask The Hammer, Jeffrey Levine of Buckingham Strategic Wealth explains how the new 2022 RMD rules apply to an IRA account owner's distributions. Watch more episodes of Ask The Hammer at this link: https://www.finstream.tv/videos/ask-the-hammer/
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