This is a column about individual retirement accounts, my dad and doing good.
For those of you with an individual retirement account who are over the age of 72, you know you are required to take an annual required minimum distribution, otherwise known as an RMD.
Since IRAs are funded with pre-tax dollars, the RMD rule ensures that people do not defer taxation in their lifetimes and leave untaxed income as an inheritance. The required minimum distribution from my parents’ IRAs was the subject of a running joke in my family.
The RMD deadline is Dec. 31 each year. Each fall as the leaves began to change, my father would begin his quest to determine his and my mother’s amount for that year.
One would think we were a family of CPAs or investment advisors, but we were not. My father was just an engineer who wanted