Page 14 - Jupiter Spotlight - February '25

Page 14, Jupiter Spotlight

Financial Focus ® When Young Kids Hate Themselves

By Jim Forgan, Ph.D., As a concerned parent, you can provide your child
What Should You Know School Psychologist with support and understanding. If you suspect an
underlying learning disability like dyslexia, our school
My first grader has
About RMDS? recently said, “I hate neuropsychological testing provides answers. We also test
myself” because she doesn’t for processing problems such as a weakness in phonics
By Sally Sima Stahl feel smart. She says things development and memory. Once you understand the specific
You may spend many are too hard and I can see problem you can then provide the right treatment to help.
decades contributing to her getting discouraged. She The testing revealed this child had dyslexia with
your IRA and 401(k), but has trouble remembering anxiety. Her mom followed up with one of the specialized
eventually you will likely letters, sounds, some tutors and started three times a week tutoring. Once she
need to take the money numbers. She can’t keep up received our written report, the teacher helped get the
out — in fact, you must with everyone. Her teacher child an IEP for school support. The IEP allowed the
take the money out or face says she is the lowest one in her class.” school’s special education teacher to work with her in
penalties. What should This concerned parent’s description of her child cried addition to her private tutoring. Parents used children’s
you know about these out for help and understanding. It is highly unusual for books to help with her anxiety of being embarrassed for
mandatory withdrawals? a young student to make statements such as they hate her reading struggles. In a follow-up conversation, her
Here are some of the themself, they feel dumb, or they want to die. No student mom said she had renewed hope for her child’s future.
basics: wants to go to school and repeatedly fail. Furthermore, it We test students from age 2 through college for
• What are they called? Mandatory withdrawals are is a giant red flag when your child’s teacher says your child dyslexia, ADHD, anxiety, depression, autism, and more.
technically called required minimum distributions, or is the lowest one in the class. Given these challenges, this Call us at (561) 625-4125 to discuss your child or learn
RMDs. young child’s self-esteem is at risk of long-term damage. more at www.JimForgan.com.
• When must I take RMDs? If you were born before
1951, you’ve probably already begun taking RMDs. If
you were born between 1951 and 1959, your RMD age
is 73. And if you were born in 1960 or later, your RMD
age is 75. You can postpone accepting your first RMD
until April 1 of the year after you reach your RMD age,
but this will result in two RMDs for the year. After you
take your first RMD, you must take subsequent ones by
December 31 of each year.
• What penalties will be assessed if I don’t take all
my RMDs? For every dollar not withdrawn, the IRS
will charge a 25 percent penalty, but this can drop to
10 percent if you subsequently withdraw the correct
amount within two years.
• Which accounts have RMDs? RMDs apply to
traditional IRAs, as well as other types of IRAs,
including SIMPLE and SEP IRAs. RMDs don’t apply
to Roth IRAs. RMDs also apply to traditional 401(k)
s, but not Roth 401(k)s.
• Can I withdraw more than the RMD for any given
year? Yes, you are free to take out as much as you want.
However, if you take out more than the RMD for one
year, you can’t apply the excess to the RMD for the
next year.
by the IRS. Your financial professional should be able to Your family dentist in Your family dentist in
• How are RMDs calculated? Typically, your RMDs
are determined by dividing your account balance from the
prior December 31 by a life expectancy factor published

perform this calculation for you.
• If I have multiple accounts, do I have to take an RMD
from each one? If you are taking RMDs from a traditional
must take the RMD from each of your accounts. Palm Beach GardensPalm Beach Gardens
IRA, you must calculate each RMD individually, but
you can take the total amount from one or more IRAs. If
you’re taking RMDs from a 401(k) or similar plan, you

• How are RMDs taxed? You are typically taxed at
your income tax rate on the amount of the withdrawn
RMD. You may be able to avoid taxes in a particular
year if you transfer your RMDs to a qualified charity in
what’s known as a qualified charitable distribution. Cosmetic & Comprehensive
• If I inherit an IRA or 401(k), am I subject to RMDs?
Yes. When you take RMDs from an inherited account,
you generally must withdraw all the funds within 10 Restorative Dentistry
years, as opposed to over your lifetime, which is the RMD
window that applies to your own accounts. The rules are
somewhat different if you inherit an IRA or 401(k) from Implant Dentistry & Orthodontics / Clear Aligners
your spouse. In any case, though, you’ll want to consult
with your tax advisor about how to take RMDs from an
inherited account.
If you’re already subject to RMDs, be sure you’ve Eduardo Marmelstein Lima, D.D.S.
taken them before the year ends. And if you haven’t yet
started taking RMDs, learn as much as you can about
them — because the more you know, the more likely
you’ll make the right moves at the right time.
This article was written by Edward Jones for use by 10887 N. Military Trail, Suite 6
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC. Palm Beach Gardens, FL 33410
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and (561) 622-2815
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency
of New Mexico, L.L.C.; and Edward Jones Insurance
Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors University of Texas Health and Science Center at San Antonio, Texas
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation. Residency and Masters in Orthodontics - Brazil
Contact us at (561) 748-7600, Sally Sima Stahl, Implant fellowship training - Brazil
CFP , AAMS , 1851 W. Indiantown Road, Ste. 106, Prosthodontics training - Brazil
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Jupiter, FL 33458.