4.9 • 2.3K Ratings
🗓️ 8 April 2021
⏱️ 43 minutes
🧾️ Download transcript
A lot of people have this fear of required minimum distributions. Understanding how RMDs work is important but you don't need to fear the future taxes. See this post for more information https://www.whitecoatinvestor.com/dont-fear-the-reaper-rmds/ One listener was concerned that they would end up losing money in retirement because not enough time and effort was spent in planning strategically for RMDs. In this episode we dive into everything you need to know about required minimum distributions: how they are calculated, what the minimum is, tax implications, and tax mitigation strategies. If you have any fears about RMDs, this episode will help alleviate them.
For those of you who are not laying awake at night worrying about RMDs, we also answer listener questions about what to do with old retirement accounts, backdoor Roth IRAs, naming beneficiaries for 529 accounts, bond tents, how risky hobbies will affect your insurance, and indexed universal life insurance.
Brought to you by the Laurel Road Student Loan Cashback℠ credit card http://www.LaurelRoad.com/WCI. Laurel Road is committed to serving the financial needs of doctors. You take care of us. It’s time someone took care of you. With the new Laurel Road Student Loan Cashback℠ credit card, you can earn 2.0% in Cashback Rewards towards eligible student loans for each $1 spent on eligible purchases, or 1.0% in Cashback Rewards as a statement credit. Subject to credit approval. For terms and conditions, please visit www.LaurelRoad.com/WCI. Laurel Road is a brand of KeyBank N.A. Member FDIC and Equal Housing Lender. NMLS # 399797
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
Subscribe Here: https://www.whitecoatinvestor.com/youtube
Main Website: https://www.whitecoatinvestor.com
Student Loan Advice: https://studentloanadvice.com
Facebook: https://www.facebook.com/thewhitecoatinvestor
Twitter: https://twitter.com/WCInvestor
Instagram: https://www.instagram.com/thewhitecoatinvestor
Subreddit: https://www.reddit.com/r/whitecoatinvestor
Online Courses: https://whitecoatinvestor.teachable.com
Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
Click on a timestamp to play from that location
0:00.0 | This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street. |
0:06.0 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
0:12.0 | Here is your host, Dr. Jim Dolly. |
0:18.0 | This is White Code Investor Podcast No. 205, Understanding Required Minimum Distributions. |
0:23.0 | Thanks to our sponsor, Laurel Road. |
0:25.0 | This episode is brought to you by the Laurel Road Student Loan Cashback Credit Card. |
0:29.0 | Laurel Road is committed to serving the financial needs of doctors. |
0:32.0 | You take care of us. It's time someone took care of you. |
0:35.0 | With the new Laurel Road Student Loan Cashback Credit Card, you can earn 2.0% in cashback rewards towards eligible student loans for each $1 spent on eligible purchases, or 1.0% in cashback rewards as a statement credit. |
0:49.0 | Subject credit approval for terms and conditions, please visit www.lourlroad.com forward slash wci, that's www.lourlroad.com forward slash wci. |
1:00.0 | Laurel Road is brand of key bank and a member FDIC and equal housing lender, NMLS number 39797. |
1:07.0 | Let's do our quote of the day. This one comes from Jay Martin Truest, who said, |
1:11.0 | There's a reason there are oodles of young Aussies, Germans, Japanese, and even Chinese backpackers traipsing around the world. They are unencumbered by debilitating student loans. |
1:20.0 | No such luck for the American theater arts major with $120,000 in loans. Isn't that the truth? You wonder how much of an effect is our method of paying for college, affecting our lives, the lives of our young people, how we live in our 20s and 30s? |
1:35.0 | You really wonder when you look at the way some of these other countries are doing it, if we're really doing it right or not. |
1:41.0 | At any rate, today is March 22nd. This is going to go live on April 8th. It's been quite a spring. Hope things are going well for you. They are certainly going well for us. |
1:51.0 | Our coronavirus counts keep trending down and I am going multiple shifts now without seeing a positive COVID patient. |
1:59.0 | I hope you are having the same experience and looking forward to the day when most of us are vaccinated and none of us are wearing masks. |
2:06.0 | I suspect I'll be wearing one at work for a good chunk of the rest of the year, but looking forward to maybe not wearing it everywhere else. |
2:13.0 | If you haven't checked out our YouTube channel, you should. Our YouTube channel just surpassed 10,000 subscribers. |
2:19.0 | In case you didn't know, you can watch us record the podcast on YouTube. I'm actually sitting in front of a camera right now. And almost every time we record a podcast episode, we also record video and put it up on YouTube. |
2:30.0 | Most of the interviews we do are also recorded on videos so you can see the guests there as well. We do this for the WCI podcast episodes as well as the milestones to millionaire episodes. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Dr. Jim Dahle of the White Coat Investor, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Dr. Jim Dahle of the White Coat Investor and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.