What’s a Required Minimum Distribution, and what does it mean for my 401k?

Certified Financial Planner Nancy Hecht will explain.

Did you realize this? When you reach a certain age, you’ll be required to comply with Required Minimum Distribution rules that the federal government puts in place, regarding your 401k.

As of 2020, that age was 72. The term “RMD” or “RMDs” refers to money you’ll be taxed on.

This year, by the way, everyone will receive a pass because of the pandemic.

Still scratching your head as to what exactly this means for your specific circumstances?

Let Nancy Hecht, certified financial planner, of The Hecht Effect, do the explaining in this recent podcast episode. Watch the entire video, above, to hear from Hecht.