As we near the end of the year, it’s time to start thinking about some end of the year financial items such as fulfilling any outstanding obligations, charitable giving, and taking any outstanding required minimum distributions on your IRAs. For those of you who are Cedarstone clients, you should be receiving an email in the coming weeks letting you know the status of your RMDs, if you have one you need to take, and what you need to do (if anything) to fulfill that requirement. For those of you unfamiliar with the term, a required minimum distribution, or RMD, is the amount of money you are required by the IRS to distribute from an IRA each year. This rule comes into effect on traditional IRAs once you reach the age of 70.5 or if you have inherited a traditional or Roth IRA from someone else who had reached that age and was required to take those distributions. The amount you need to take is determined by your age and the value of your account on the last day of the previous year, as well as the age and date of death of the individual you inherited the account from, if the account is inherited. If you’d like to learn more about how RMDs work or need help calculating yours, feel free to give us a call.