On New Year’s Eve, most of us will be counting down until the stroke of midnight, when we can wish our friends and family a happy and healthy 2015. But December 31 is an important deadline in the world of retirement planning. As detailed in this article, New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The RMD for 2014 is based on the taxpayer’s life expectancy on Dec. 31, 2014, and their account balance on Dec. 31, 2013.
There are some exceptions, particularly if you are still working or if you reached age 70 1/2 in 2014, but you should take note and be sure not to miss this important deadline!
If you have any questions about how to be compliant with this deadline or to explore if you are eligible for an exception, please contact the Robin Weingast and Associates team today.