Happy belated birthday, and congratulations on now needing to understand required minimum distributions (RMDs) from your annuities!

Annuities are a great way to supplement your social security or pension plans. Not only do they accumulate cash tax-deferred, but they also offer you guaranteed payments for life. When the markets are volatile, it is nice to know that your annuity is protecting your principle. There has been an increased awareness about the importance of retirement planning as pensions become a thing of the past and social security could be in question in the future.

Keep in mind, if you are turning 70 ½ in 2019 you have the option of waiting and not taking a required minimum distribution, but then in 2020 you will need to take both the 2019 and 2020 amount.

If you are unsure about what to do with your distribution and don’t need the funds, contact your Financial Benefits Counselor for help.