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I have recently used Dinkytown. Calculator for future Roth IRA estimates and found it to be very helpful.
Keep the 2024 RMD date in the calculator. Enter your other data and it will show correct results. I just ran your numbers and get $76,652. It shows RMD of zero from 2024 to 2036. Shows the growth and the RMDEnter 2037 RMD date, 1962 birthday, $1,000,000, and 5% growth. The output is today's RMD of $1,000,000/24.6=$40,650. The calculator asks you to enter growth, then ignores it for future start dates. Not material if you are already in RMDs or just a few years out, but wrong for forecasting.
The correct answer is $1M x 1.05^13 / 24.6 = $76,652.
It apparently only applies rate of return after you start RMDs, which is not useful for future start dates. The tooltip says "... future year RMDs can be calculated by changing this value." but it doesn't work for future.
Keep the 2024 RMD date in the calculator. Enter your other data and it will show correct results. I just ran your numbers and get $76,652. It shows RMD of zero from 2024 to 2036. Shows the growth and the RMD
I'll put my usual shout out for doing Qualified Charitable Distributions (QDD's). Starting at age 70.5 you can donate up to $100,000 directly from your IRA's to 501(c)(3) organizations. This will reduce the account balance on December 31st, then you calculate your RMD. QCD's can only be made from IRA's and not any other type of retirement account. The $100,00 is for each person. You can consult with the IRS Publication 590-B for the details.
I would combine the 401(k)s and IRA into one IRA account.
Vanguard has an RMD service where you can set it up with them to do your RMD for you automagically - they automate the calculation, distribution, and they'll withhold at whatever percentage you want for federal. I think other custodians can also do this.
That tool doesn't seem to take into account the "new" RMD start ages... I don't have to start until 75 but the tool is still starting at 73.Schwab will give you a 10-year projection in a table format here: https://www.schwab.com/ira/ira-calculators/rmd
That tool doesn't seem to take into account the "new" RMD start ages... I don't have to start until 75 but the tool is still starting at 73.
But I don't start until age 75 and even though the tool collected birthdate it has me starting at age 73.Yes it does. If you drop down the box to 10 year projection you get zeros up until your age 73 year. Or if you do the drop down for lifetime, the little green bars indicating distributions don't show until your age 73 year.
Yes it does. If you drop down the box to 10 year projection you get zeros up until your age 73 year. Or if you do the drop down for lifetime, the little green bars indicating distributions don't show until your age 73 year.
Yes it does. If you drop down the box to 10 year projection you get zeros up until your age 73 year. Or if you do the drop down for lifetime, the little green bars indicating distributions don't show until your age 73 year.
Thank you all for your input and links to the RMD estimators. I have done a very rough initial calculation using these estimators.
Also a big thanks about IRMAA.
Here is my situation. I will turn 73 in early December 2026. I assume I should take my first RMD in 2026 because if I wait to take my first RMD early in 2027 I would then be required to take second RMD before year end 2027? If that is true about taking two RMDs in 2027 I will definitely be subject to IRMAA that year. Each year, thereafter, I would be flirting with possibility IRMAA but hopefully running just a bit below.
Yep, once I went over the first tier (unplanned) late last year, I ran it up closer to tier two. Of course the downside there is that money is taxed at a higher rate. It's a tradeoff. In the end, "They" get you no matter what you do!One "good" thing about the way IRMAA is structured is that it is indexed for inflation which may help you stay under the limits. IF you see that you will exceed the first IRMAA limit in a given year, you might consider taking EXTRA from your 401(k) and or tIRA but stay under the next IRMAA limit. You will deplete a bit of your qualified money, making the next year a bit easier to manage on an IRMAA basis. Of course, if your qualified money grows too fast you could STILL be in IRMAA territory the next year. Good First World problem, once again. YMMV
.... Of course, if your qualified money grows too fast you could STILL be in IRMAA territory the next year. Good First World problem, once again. YMMV
I was very diligent about converting to Roth to the utmost I could handle, and I'm very glad of it today. The result is that nearly 70% of my total is in Roth, and my Traditional is down to less than 10%.
That lets me make QCD donations that are easily more than whatever RMD I have, so I don't even have to think about it any more.
Those calculators are close to a waste of time for folks who have a high percentage of equity funds in tax deferred. You simply cannot predict what your gains/losses over the next several years will be...This calculator is updated for Secure 2.0. https://investor.vcm.com/insights/investor-learning/calculators/required-minimum-distribution
Same calculator at Voya: https://www.voya.com/tool/rmd-calculator
There is a complete report. Locate the correct button on screen.
Those calculators are close to a waste of time for folks who have a high percentage of equity funds in tax deferred. You simply cannot predict what your gains/losses over the next several years will be...
If someone is putting together a plan, or trying to understand a plan being offered, they have the right to ask a question and get an answer. It's part of the learning thing. YMMV.Those calculators are close to a waste of time for folks who have a high percentage of equity funds in tax deferred. You simply cannot predict what your gains/losses over the next several years will be...
If someone is putting together a plan, or trying to understand a plan being offered, they have the right to ask a question and get an answer. It's part of the learning thing. YMMV.
Those calculators are close to a waste of time for folks who have a high percentage of equity funds in tax deferred. You simply cannot predict what your gains/losses over the next several years will be...
I was very diligent about converting to Roth to the utmost I could handle, and I'm very glad of it today. The result is that nearly 70% of my total is in Roth, and my Traditional is down to less than 10%.
That lets me make QCD donations that are easily more than whatever RMD I have, so I don't even have to think about it any more.