Archive - May 17, 2011

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What Happens If You Forget to Take Your Required Minimum Distribution?
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How Much Should I Be Saving?

What Happens If You Forget to Take Your Required Minimum Distribution?

If you have an IRA that you have to take Required Minimum Distributions (RMDs) from, you need to do this every year by the end of the year. 

So what if you forget one year?

The rule is that if you don’t take your RMD by the end of the year, you could be subject to a penalty of 50% of the amount of the RMD.  If you’ve realized your error before the IRS has notified you, there are a few things you can do to try to resolve the situation.

The very first thing you should do is immediately …

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How Much Should I Be Saving?

“The most powerful force in the universe is compound interest” -- Albert Einstein

I always find other people’s stereotypes about doctors amusing. Here’s one typical encounter that happens every so often:

As I’m placing the last chart in the discharge rack, a nurse unexpectedly asks me “What car are you driving home?”

“What car do you think I drive?” I respond. “I bet he drives a Beemer,” shouted a tech.

“I parked next to a BMW, but I drive an 11-year-old Honda with over 200,000 miles on it,” I say. “Yeah right. Then what do you do with all that …

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