How to Calculate Your First RMD and Lower Taxes in Retirement

Hi there, 

I hope you're having a great week. In case you missed it, here is the live training we did last Sunday on "How to calculate your first RMD and lower your taxes." 

You can click on the image above or here to watch.

Even if you're not 70.5 years old yet and required to take your required minimum distributions from your retirement accounts, I still think you will find the training highly beneficial. 

Here are some of the topics we cover: 

-How to use the IRA minimum distribution table to calculate your first RMD (Getting this wrong could be a 50% tax penalty!)

-6 ways to lower your tax liability in the years ahead of RMD's so you can pay the minimum taxes required

-Should you take the money out of all your IRA accounts separately or together?

-Questions from the live attendees like 'Should I leave my money in my 401k or roll it to an IRA to begin distributions?'

and much more! 

I really hope you enjoy the training and it helps you on your retirement journey. If you would like to discuss your retirement planning strategy, tax reduction strategies, or anything else pertaining to retiring with confidence, I would love to chat with you. 

You can schedule a complimentary consultation here or go to 

To your wealth,

Jason J. Hamilton, CRPC®


Keep It Simple Financial Planning

P.S. If you're not a member of my free Facebook group for people planning for retirement, I highly recommend you join us here.

By joining the group, you'll be able to learn from and interact with over 2,000 members planning for retirement and you'll also be able to ask your questions and learn from our live training since I don't send them all out through email. Request to join here.




[00:00:01] Good morning guys just out taking the dog for a walk. Just thinking today about what I can give you to help you out. And I think the first thing is oh shoot there's a train coming. Let's get a shot of this train here. OK that was cool. So, I've been getting a lot of questions lately about about Social Security and when to take it. So a couple of big mistakes people make when taking Social Security. One is to take it as soon as they qualify you know take it to 62 can be a really bad idea. It could cost you hundreds of thousands of dollars long term. It can be good to take it at 62. If you have some health issues on the other hand because at the end of the day you may get more payments from Social Security but taking a 62 versus waiting until 70 can be probably about 45 percent difference in your overall payout. And that's for life. So that could hit six figures very easily. Usually the break even point is somewhere between 12 and 18 years on taking early versus delaying. So for example if you were going to live to or if you waited till 70 right so may take you until 82 to break even. But then if you live to 92 you're going to make a whole lot more money long term or have a lot more money that's coming in which means you draw less on your assets. 


[00:01:35] So what if you don't feel like you have enough money? So here's mistake number two. People take early Social Security because they don't want to touch their retirement investments. In all honesty it may actually be better to pull from your 401k or IRA instead of taking your retirement invest excuse me to take in Social Security because if you delay so security pass retirement age you're going to get 8 percent per year. And so that may even be a little bit higher before retirement age. So 8 percent per year is a very good return. And that's for life. So that's hard to get from your investments when you're in retirement especially since you want to take a little bit lower risk in those retirement years. Mistake number three is not taking the right strategy. The claiming strategy going to give you the best payoff. So say for example you're married. OK. A lot of times it makes more sense to take the spousal payout now or earlier and then wait until you're 70 or full retirement age to take the primary earners pay out. So these days sometimes it's the man sometimes as a woman. Things have changed in these recent years. But whoever is going to have the higher payout should wait and delay for as long as they can. Up until age 70 so those are three mistakes that I see people making a lot. So hopefully you're not going to do those and if you're thinking about taking that I helped you maybe delay if you want to get some exact numbers because you could actually program all these numbers and calculate them on. OK. What's it going to be if you take early pay out. What's it going to be if you wait. 


[00:03:07] And when is the best point to take that you don't want to just have it be a random decision. And you also don't want to rely on a Social Security office that can be mistake number four the social security administration gets things wrong all the time. So you want to make sure you do your own analysis. We can definitely help you out with so if you want help getting your Social Security situation mapped out. Let me know. Feel free to send me an e-mail Or you can book a call with me at And we'll spend 45 minutes figuring out where you're at and then we'll share it with the next best. We'll be OK. Talk to you soon. Have a great day.