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David Giertz
David Giertz Business Strategist and Advisor
1mo Dublin, OH, United States Story
Retirement Planning Before the End of the Year


Before thoughts of holiday celebration consume your year-end planning, you can significantly improve your financial position by considering some retirement saving tips before the official end of 2017. Even if you have not given your retirement fund a second thought this year, there is still time to make a difference in your ability to retire when planned.

One of the most important things to ask your financial advisor about is whether you are required to take any minimum distributions from your IRA or company retirement plan before the last day of 2017. You could be penalized up to 50 percent for failing to take the required distribution if you are of a certain age. You also need to be careful in finding out whether your IRAs are aggregated for purposes of determining the minimum distribution amount. It is important that you give your financial advisor the entire picture as to your retirement saving plans so that you do not inadvertently violate IRS rules and regulations. In addition, it matters what type of IRA you are aggregating. For example, if you inherit an IRA, you only aggregate them when they are all inherited from the same person. This includes IRAs in the separate names of a mother and father.

You may decide that you want to take more than the required minimum distribution from your IRA, which is entirely fine. It might even make sense for planning purposes to take more of a distribution in one year than another. Be sure to discuss these scenarios with your financial advisor so that you do not end up paying more in taxes than necessary. After age 70, it becomes increasingly important to be aware of these rules and make sure that you are not forgetting to include all of your retirement plans in your analysis.

In calculating, the required minimum distribution, you should be using the IRA balance from the last day of 2016 for distributions in 2017. There are different tables that are used for calculations, and the process can be very confusing for someone who is not an experienced financial advisor.            

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David Giertz
Business Strategist and Advisor

Born in Dublin, OH in 1963, David Giertz went to Millikin University in Decatur, IL earning a Bachelor of Science degree. Subsequently, Giertz attended the University of Miami, Coral Gables, and received an Executive MBA.

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