Trying to study up on RMDs... until now I thought I had 15 years before I'd have to worry about them. I've been googling, but the subtlety of "AFTER RMDs have started" is ignored.
Dear old (84) Dad (DOD) got suckered into an ING/Voya IRA annuity 9 years ago.
My initial math says he could do much better rolling it into brokered CDs (including surrender charges and paying back part of the "bonus" they gave him to open it).
The curve ball is its already paying out RMDs... I'm concerned that if he rolls it over, the new custodian will recalc RMDs based on his current age and dramatically increase his withdrawal rate.
To complicate matters, DOD didn't keep ANY paperwork on his annuity purchase contract or original RMD calculation info.... all I have to work off of is a few of the recent statements he did keep.
Anybody rolled an IRA and maintained your current RMD schedule?
Anybody know where I can read up on if/how he can maintain the original RMD schedule when rolling to a new custodian?
It might be specific to the custodian so I'll have to bark up that specific tree... but was wondering if there are underlying IRS rules on the topic.
Dear old (84) Dad (DOD) got suckered into an ING/Voya IRA annuity 9 years ago.
My initial math says he could do much better rolling it into brokered CDs (including surrender charges and paying back part of the "bonus" they gave him to open it).
The curve ball is its already paying out RMDs... I'm concerned that if he rolls it over, the new custodian will recalc RMDs based on his current age and dramatically increase his withdrawal rate.
To complicate matters, DOD didn't keep ANY paperwork on his annuity purchase contract or original RMD calculation info.... all I have to work off of is a few of the recent statements he did keep.
Anybody rolled an IRA and maintained your current RMD schedule?
Anybody know where I can read up on if/how he can maintain the original RMD schedule when rolling to a new custodian?
It might be specific to the custodian so I'll have to bark up that specific tree... but was wondering if there are underlying IRS rules on the topic.