Financial planning as a law firm owner comes with its share of complexities, particularly when it involves securing your retirement. One significant aspect often overlooked is the required minimum distribution (RMD). Missing an RMD deadline is more than just a mere oversight – it carries a hefty penalty, up to 25% of the RMD amount. On this episode of The Lawyer Millionaire Podcast, Darren Wurz meticulously unpacks everything you need to know about RMDs, ensuring that you’re not caught off guard.

Darren discusses:

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• What RMDs are and their role in retirement planning.
  
• Specific age and deadlines for initiating RMDs based on the year of your birth.
  
• How to avoid missing an RMD deadline and incurring severe financial penalties.
  
• Strategies like Qualified Charitable Distributions (QCSs) and Roth conversions.
  
• The importance of proactive RMD planning to secure your financial future.
  

Resources:

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  • Schedule a Call with Darren
    
  • Wurz Financial Services
    
  • The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz
    
  • LinkedIn: Darren P. Wurz
    
  • The Lawyer Millionaire Podcast and Book Club
    
    To connect with podcast guests and other law firm owners, discuss these topics further, and access our quarterly book club, join our LinkedIn Podcast and Book Club