Page 8 - Abacoa Community News - February '25

Page 8, Abacoa
Financial Focus ®

What Should You Know RMDs? For every dollar not withdrawn, the IRS will charge Yes. When you take RMDs from an inherited account, you
• What penalties will be assessed if I don’t take all my
• If I inherit an IRA or 401(k), am I subject to RMDs?
About RMDS? a 25 percent penalty, but this can drop to 10 percent if you generally must withdraw all the funds within 10 years, as
subsequently withdraw the correct amount within two years. opposed to over your lifetime, which is the RMD window
By Sally Sima Stahl • Which accounts have RMDs? RMDs apply to traditional that applies to your own accounts. The rules are somewhat
You may spend many IRAs, as well as other types of IRAs, including SIMPLE different if you inherit an IRA or 401(k) from your spouse.
decades contributing to and SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs In any case, though, you’ll want to consult with your tax
your IRA and 401(k), but also apply to traditional 401(k)s, but not Roth 401(k)s. advisor about how to take RMDs from an inherited account.
eventually you will likely • Can I withdraw more than the RMD for any given If you’re already subject to RMDs, be sure you’ve taken
need to take the money out year? Yes, you are free to take out as much as you want. them before the year ends. And if you haven’t yet started
— in fact, you must take the However, if you take out more than the RMD for one year, taking RMDs, learn as much as you can about them —
money out or face penalties. you can’t apply the excess to the RMD for the next year. because the more you know, the more likely you’ll make
What should you know • How are RMDs calculated? Typically, your RMDs are the right moves at the right time.
about these mandatory determined by dividing your account balance from the prior This article was written by Edward Jones for use by
withdrawals? December 31 by a life expectancy factor published by the your local Edward Jones Financial Advisor, Edward Jones,
Here are some of the IRS. Your financial professional should be able to perform Member SIPC.
basics: this calculation for you. Edward Jones is a licensed insurance producer in
• What are they called? Mandatory withdrawals are • If I have multiple accounts, do I have to take an RMD all states and Washington, D.C., through Edward D.
technically called required minimum distributions, or from each one? If you are taking RMDs from a traditional Jones & Co., L.P., and in California, New Mexico and
RMDs. IRA, you must calculate each RMD individually, but you Massachusetts through Edward Jones Insurance Agency
• When must I take RMDs? If you were born before can take the total amount from one or more IRAs. If you’re of California, L.L.C.; Edward Jones Insurance Agency of
1951, you’ve probably already begun taking RMDs. If taking RMDs from a 401(k) or similar plan, you must take New Mexico, L.L.C.; and Edward Jones Insurance Agency
you were born between 1951 and 1959, your RMD age the RMD from each of your accounts. of Massachusetts, L.L.C.
is 73. And if you were born in 1960 or later, your RMD • How are RMDs taxed? You are typically taxed at your Edward Jones, its employees and financial advisors
age is 75. You can postpone accepting your first RMD income tax rate on the amount of the withdrawn RMD. cannot provide tax advice. You should consult your qualified
until April 1 of the year after you reach your RMD age, You may be able to avoid taxes in a particular year if you tax advisor regarding your situation.
but this will result in two RMDs for the year. After you transfer your RMDs to a qualified charity in what’s known Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
®
take your first RMD, you must take subsequent ones by as a qualified charitable distribution. AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
™
December 31 of each year.
Resiliency: The Arts And Science Connection

Mind, Music, And Movement (UF); Randy D. Blakely, Registration Information
Admission to the
Foundation And FAU’s Stiles- Ph.D., founding executive symposium is free, but
director of FAU’s Stiles-
Nicholson Brain Institute Host Nicholson Brain Institute; registration is required.
Secure your spot today by
Corinne Lasmezas, Ph.D.,
A Free Symposium DVM, director, David and visiting m3f.org/events or
Lynn Nicholson Center for
calling (561) 510-8611.
The Mind, Music, and Movement Foundation for Neurodegenerative Disease In addition to the
Neurological Disorders, Inc. (M3F) and FAU’s Stiles- Research, FAU Department symposium, M3F hosts a
Nicholson Brain Institute present “The Power of Arts And of Clinical Neuroscience; series of free “Coffee Talks”
Science for Resiliency in Aging” on Monday, March 3, 5 p.m. Michael R. Dobbs, M.D., designed to educate and
at the Osher Lifelong Learning Institute at FAU, located at MHCM, chair of the Clinical engage the community on
5353 Parkside Dr., Jupiter, FL 33458. Neurosciences Department aging, neurodegenerative
In this free educational evening, the audience will learn at FAU, department and Jill Sonke diseases, and holistic well-
about cutting-edge research and explore how the arts and associate dean of Clinical being. For a full schedule,
science can foster resilience, well-being, and aging in place. Affairs; Meera Joseph, M.D., renowned psychiatrist visit m3f.org/events. Beth and Steve Elgort
Sponsorship opportunities are available for businesses and specializing in geriatric and adult psychiatry, specializing in About M3F
individuals who want to support this impactful event. For more treating neurodegenerative, cognitive, and other biological The Mind, Music, and Movement Foundation for
information, contact Ella Elden at ella@m3f.org. and psychological concerns associated with the aging process; Neurological Disorders, Inc. (M3F) is a 501(c)(3) nonprofit
Jill Sonke, Ph.D., a visionary in arts in medicine and a Carol Chiang, OTR/L, owner of Evolving Homes and “Aging organization dedicated to supporting individuals and
global leader in integrating creativity into healthcare will be in Place” expert. families affected by neurodegenerative diseases. Through
the guest of honor. In addition to Dr. Jill Sonke, the evening A Free Event With Lifelong Benefits innovative programming—chorus, drumming, dance, yoga,
will feature distinguished speakers, interactive demonstrations, “This symposium is more than an educational event; it’s movement, boxing, art, nutrition counseling, support services
and a VIP donor reception to celebrate the intersection of arts, a celebration of the integration of arts, science, and aging,” and resources—M3F promotes confidence, wellness, and
science, and aging with profound new insight. said Beth Elgort, founder and president of M3F. “By bringing friendship. M3F’s integrative approach helps to improve
Distinguished experts include: Jill Sonke, Ph.D., Guest of together leaders in neuroscience, arts, and medicine, we hope mobility, balance, speech, and mental well-being. For more
Honor, research professor and director of Research Initiatives to inspire individuals and families to embrace innovative information, visit m3f.org.
in the Center for Arts in Medicine at the University of Florida strategies for resilience and well-being.”
When Young Kids Hate Themselves

By Jim Forgan, Ph.D., specific problem you can then provide the right treatment her private tutoring. Parents used children’s books to help
School Psychologist to help. with her anxiety of being embarrassed for her reading
My first grader has The testing revealed this child had dyslexia with struggles. In a follow-up conversation, her mom said she
recently said, “I hate anxiety. Her mom followed up with one of the specialized had renewed hope for her child’s future.
myself” because she doesn’t tutors and started three times a week tutoring. Once she We test students from age 2 through college for
feel smart. She says things received our written report, the teacher helped get the child dyslexia, ADHD, anxiety, depression, autism, and more.
are too hard and I can see an IEP for school support. The IEP allowed the school’s Call us at (561) 625-4125 to discuss your child or learn
her getting discouraged. She special education teacher to work with her in addition to more at www.JimForgan.com.
has trouble remembering
letters, sounds, some Dyslexia, ADD/ADHD,
numbers. She can’t keep up
with everyone. Her teacher
says she is the lowest one in her class.” Autism, IQ Testing
This concerned parent’s description of her child cried
out for help and understanding. It is highly unusual for
a young student to make statements such as they hate NOW OFFERING: Dr. Jim Forgan & Associates
themself, they feel dumb, or they want to die. No student • Jupiter & Stuart Offices
wants to go to school and repeatedly fail. Furthermore, it Licensed School Psychologist
is a giant red flag when your child’s teacher says your child • Testing for Processing www.JimForgan.com
is the lowest one in the class. Given these challenges, this Problems, Anxiety,
young child’s self-esteem is at risk of long-term damage. Defiance (561) 625-4125
As a concerned parent, you can provide your child • Saturday and After
with support and understanding. If you suspect an School Appointments
underlying learning disability like dyslexia, our school
neuropsychological testing provides answers. We also test
for processing problems such as a weakness in phonics “Helping Parents Help Children”
development and memory. Once you understand the