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Retirement Perspectives

video

Retirement Analyst Brian Dobbis tells what IRA holders need to know about required minimum distributions. 

Transcript

Narrator: This is Lord Abbett's Retirement Perspectives.

Mike Weldon: This is Mike Weldon, Partner and Director of Marketing at Lord Abbett. Joining me today is Brian Dobbis, Retirement Analyst for Lord Abbett's Private Wealth Group. Brian, we're here today to talk about IRAs, $5 trillion and growing. This is a really big pool of money, and, more and more, this money is used towards retirement. It is, after all, an Individual Retirement Account. So, as individuals approach retirement, they start to hear more about RMDs, Required Minimum Distributions. So let's cover today, what is it that people need to know? And most importantly, what are the ramifications if they get it wrong?

Brian Dobbis: Let's start with your second question first. The ramification is pretty significant. By taking an incorrect amount or not taking a required minimum distribution, there is a 50% penalty on the shortage. In addition, there are different rules that apply for required minimum distributions, Roth versus traditional IRA. So let's start with traditional IRA, which also encompasses a SEP, a SIMPLE, and a SAR-SEP plan. Once an account owner reaches age 70½, they are required to take that first required minimum distribution. For the first required minimum distribution, they do have the ability to defer it to April 1 of the year following age 70½. If they elect the deferral, they would have to consequently take two RMDs in that first year. Every year thereafter, there would be one required minimum distribution, which must be taken by December 31 (12/31).

Mike Weldon: Okay. And you mentioned traditional IRAs covering SEP, SIMPLEs and SAR-SEPs. What about Roth IRAs?

Brian Dobbis: There are no lifetime required minimum distributions for Roth IRAs, so, reaching 70½ or thereafter, you do not need to take any assets out of the Roth IRA if you don't want to.

Mike Weldon: And probably something we can't stress enough--right--the power of the Roth IRA, tax-free compounding, tax-free income, and no required minimum distribution at the end of the rainbow.

Brian Dobbis: Correct. For the life of the account owner. So theoretically, you can contribute to a Roth IRA for your entire life and never have to draw down on it. Even when you pass, if you leave the account to your surviving spouse, the RMDs are still deferred until a non-spouse beneficiary inherits that Roth IRA.

Mike Weldon: Okay. So back to traditional IRAs, are there any differences between the required minimum distributions on a traditional IRA and, say, a 401(k)?

Brian Dobbis: Yes, there are. In a traditional IRA, once you reach 70½, you must take the required minimum distribution; whereas, in a 401(k), it depends if you are an owner of the company, specifically a 5% owner. If you are not a 5% owner, you can defer your required minimum distribution until the year you retire; whereas, if you are a 5% owner, you still have to take the required minimum distribution the year you reach 70½, but it's always important to check the rules of your plan to determine exactly what the rules state within your plan.

Mike Weldon: But it sounds like the most important thing--if you're an individual out there that owns an IRA, consult with your financial advisor and/or your tax professional because you don't want to run into those penalties that we mentioned at the outset.

Brian Dobbis: That is correct. Especially if you have multiple IRAs, it's important to know that you can take a traditional IRA RMD from each separate IRA, or you can aggregate them all from one IRA or multiple IRAs. But again, the final number is the most important or the IRS will potentially assess a 50% penalty.

Mike Weldon: So really important to pay attention to those rules.

Brian Dobbis: Yes.

Mike Weldon: Okay. Thanks Brian.

Brian Dobbis: Thank you.

Mike Weldon: This has been Lord Abbett's Retirement Perspectives. Thanks for watching.

Narrator: For more information on this topic, or to access other videos, audio files, articles or commentary, please explore Lordabbett.com.

This broadcast serves as reference material for information purposes only; does not constitute an offer to acquire, solicitation for an offer to acquire, an offer to sell or solicitation for an offer to buy, any securities, nor is intended to be relied upon as a forecast, research, or investment advice on any securities, and cannot be used for any of the foregoing.

Glossary of Terms

Traditional IRA is an individual retirement account (IRA) that allows individuals to direct pretax income, up to specific annual limits, toward investments that can grow tax-deferred (no capital gains or dividend income is taxed). Individual taxpayers are allowed to contribute 100% of compensation up to a specified maximum dollar amount to their Traditional IRA. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer's income, tax-filing status and other factors.

Required Minimum Distribution (RMD) is the amount that Traditional, SEP and SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement accounts by April 1 following the year they reach age 70½. RMD amounts must then be distributed each subsequent year.

Roth IRA is an individual retirement plan that bears many similarities to the traditional IRA, but contributions are not tax deductible and qualified distributions are tax free. Distributions, including accumulated earnings, may be made tax-free if the account has been held at least 5 years and the individual is at least 59½, or if any of the IRS exceptions apply. Similar to other retirement plan accounts, non-qualified distributions from a Roth IRA may be subject to a penalty upon withdrawal.

Simplified Employee Pension (SEP) IRA is a retirement plan that an employer or self-employed individuals can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee's SEP IRA on a discretionary basis.

SAR-SEP Plan – A SAR-SEP is a salary reduction SEP that had to be established before January 1, 1997. Employees may contribute the same amounts as with a 401(k). There are no matching contributions. Half of all eligible employees must participate. No more than 25 employees may be eligible.

SIMPLE IRA is a retirement plan that can be used by most small businesses with 100 or fewer employees. SIMPLE stands for "Savings Investment Match Plan for Employees"; IRA stands for "individual retirement account." Employers can choose to make a mandatory 2% retirement account contribution to all employees or an optional matching contribution of up to 3%. Employees can contribute a maximum of $12,000 annually in 2013; the maximum is increased periodically to account for inflation.

401(k) Plan is a qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis.

This material is being provided for educational and informational purposes only and is not intended to be legal or tax advice. Investors should consult with their appropriate tax, legal, and financial advisor with respect to individual circumstances and all applicable federal, state, and local tax laws.

This broadcast serves as reference material for information purposes only; does not constitute an offer to acquire, solicitation for an offer to acquire, an offer to sell or solicitation for an offer to buy, any securities, nor is intended to be relied upon as a forecast, research, or investment advice on any securities, and cannot be used for any of the foregoing.

The views and opinions expressed by the Lord Abbett speaker are those of the speaker as of the date of the broadcast, and do not necessarily represent the views of the firm as a whole. Any such views are subject to change at any time based upon market or other conditions and Lord Abbett disclaims any responsibility to update such views. Neither Lord Abbett nor the Lord Abbett speaker can be responsible for any direct or incidental loss incurred by applying any of the information offered.

The value of investments and any income from them is not guaranteed and may fall as well as rise, and an investor may not get back the amount originally invested. Please consult your investment professional for additional information concerning your specific situation.

This broadcast is the copyright © 2013 of Lord, Abbett & Co. LLC. All Rights Reserved. This recording may not be reproduced in whole or in part or any form without the permission of Lord Abbett.

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