This content was created by Craig Wear, CFP®. This content was uploaded by Craig Wear, CFP®. This is a YouTube video titled "RMDs can cost you a TON of Money" featuring Craig Wear, CFP® discussing the financial implications of required minimum distributions (RMDs) on retirement accounts, recorded on November 8, 2024.
If you're 65 years old, you have them. For every million dollars you have in your ira, you're going to have two and a half to three times that amount of required minimum distributions over your lifetime. So that means that you're going to have forced income on your $1 million IRA, between two and a half and $3 million over your lifetimes. If you have $2 million, you're going to have five to six million dollars of forced taxable income come into your lifetime that you're going to have to pay tax on. And those RMDs can, under the current law, can cause your Social Security to all of a sudden become taxed where it was not before.
