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Knowing the required minimum distributions on your retirement account will better help you plan for the future.<\/p>\n
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Millions of American workers spend a good portion of their careers focused on a single goal \u2013 building their retirement funds as robustly as possible. In recent years, with inflation<\/a> at a decades-high, interest rates<\/a> surging and everyday costs significantly elevated, this goal has taken on even more importance. While building a retirement account worth hundreds of thousands of dollars<\/a> can certainly be achievable, there’s another, arguably equally pressing concern for seniors and others to get right. And that concerns the amount of money that they will be forced to withdraw from these retirement accounts once they reach a certain age.<\/p>\n Upon reaching a certain age, federal law dictates that you’ll need to start withdrawing money from your tax-deferred accounts. And that’s true even if you don’t want to or if you have an alternative funding source to first leverage. So it’s critical to know in advance what the required minimum distribution (RMD)<\/a> will look like. That figure will change based on age and the amount in the account. While the goal of many workers may be to save $1 million<\/a> or more, the reality is that there’s often far less saved for retirement. But even retirement accounts worth $300,000, for example, will be subject to the same parameters.<\/p>\n So, what will the required minimum distribution from a $300,000 retirement account actually be each year? Thanks to the IRS Uniform Lifetime table, this is easy to determine. Below, we’ll outline the amounts that retirees will be required to take each year.<\/p>\n Learn about the best ways to boost your retirement account with a financial advisor<\/a>.<\/p>\n What’s the required minimum distribution from a $300,000 retirement account?<\/p>\n Under existing rules, retirees are generally required to start taking distributions from their retirement account at age 73. Retirement accounts are defined as those tax-deferred ones, such as a 401(k) or a traditional IRA. The specific amount you’ll need to take is determined by a basic equation: Account balance \u00f7 life expectancy factor = RMD<\/p>\n How do you know what the life expectancy factor is? That comes from the IRS Uniform Lifetime Table<\/a>, which will have a different figure per age bracket. Utilizing those figures and a $300,000 retirement account, here are the required minimum distributions for a few different years:<\/p>\n Age 73: $11,320 annually ($300,000 \u00f7 26.5)Age 75: $12,195 annually ($300,000 \u00f7 24.6)Age 77: $13,100 ($300,000 \u00f7 22.9)Age 79: $14,218 ($300,00 \u00f7 21.1)<\/p>\n While these amounts will vary as you age, one thing is unmistakable \u2013 you’ll be expected to withdraw more later in life. So it makes sense to prepare for that inevitability sooner than later, as well as the accompanying tax bill that you’ll be expected to pay alongside these distributions.<\/p>\n Learn why gold is worth adding to your retirement portfolio here<\/a>.<\/p>\n How gold can diversify your portfolio now<\/p>\n While thinking about your retirement funds and the RMDs you’ll be expected to make, it may also be worthwhile to consider the ways in which you can still effectively diversify your retirement portfolio. Historically, one of the best ways to do so is with a gold investment<\/a>. While it should almost always be limited to a maximum of 10% of your portfolio<\/a> (or less, depending on how much time you still have to invest), gold<\/a> serves as an effective diversification tool. That’s mainly due to its historic ability to maintain value and even rise in price<\/a> during inflationary periods. And that’s precisely what many investors have seen in recent years as the price of the yellow metal surged<\/a> even when inflation was at its highest level in decades. With the metal coming in a variety of forms ranging from bullion<\/a> to stocks<\/a> to gold IRAs<\/a>, there’s likely a type that fits your budget and your retirement needs now.\u00a0<\/p>\n