mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
This addresses a "problem" that some folks here have with what in the heck should I do with all of the RMD money that the FEDS require me to take after I am 70.5 years old? It's a good problem to have. RMD is a requirement to pay taxes, not spend the cash.
https://www.marketwatch.com/story/what-to-do-with-rmds-you-dont-need-for-living-expenses-2016-11-02First, remember this. Uncle Sam doesn’t care what you do with your RMD. “The IRS only cares that you remove that minimum amount from a tax-deferred IRA or other non-Roth account and pay taxes on that withdrawal,” said Dirk Cotton, a financial planner and author of the Retirement Café blog. “And, don’t get too upset about paying taxes on your IRA withdrawals. The deal you chose years ago allowed you to take a tax break back then and to defer taxes into the future (now).”
Others agree. “The IRS requires the RMD be withdrawn from tax-deferred accounts after age 70½, but it does not require that you spend the withdrawal or specify what you can do with it,” said Michael Lonier, a financial planner with Lonier Financial Advisory. “You simply withdraw it, pay the tax that is due, and put in your after-tax pocket.”