Ever wondered what your net worth is or where all of your money goes each month? We are providing these calculators as a service to our friends and clients.
While the results of each calculator should not be relied on as a definitive answer or solution, they can serve as a useful guide and a starting point in your detailed budgeting and financial planning.
What Is My Projected Required Minimum Distribution?
Current tax law specifies that once you reach age 70-1/2 you must begin making taxable withdrawals from your IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, plan balance at the end of the previous year, marital status and spouse's age. If you do not meet the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn.