How to Add RMD into Your Empower Retirement Plan

How to Add RMD into Your Empower Retirement Plan

Hey there friend! So today let’s talk about something super thrilling! Wait for it… Required Minimum Distributions or RMD. Yeah, I know, sounds like a rock band from the 80s that nobody remembers. But here’s the deal: when you get a bit older, the government says you gotta take money out of your retirement plan even if you don’t wanna. Kinda like that one annoying friend who always insists on choosing the movie for movie night.

But fear not! Adding RMD into your Empower Retirement Plan can be as easy as pie, and way more fun than sorting your laundry. Let’s dive into this wild ride together.

Step 1: Get Your Party Hat On

Before we do anything else, put on your imaginary party hat! Seriously, we’re gonna make RMD fun. Like, “Yay I’m withdrawing my money because I have to!” kinda fun. Step one is to locate your retirement account details. If you can find your missing left sock from last week, this should be a piece of cake!

Step 2: Find Out How Much You Must Withdraw

Now comes the math part which is always thrilling…ish! Check how much you need to withdraw for your age and balance in the account. The IRS has its own set of rules like they’re running a secret club or something. You can Google “RMD calculator” and feel like an math wizard calculating how much you need to pull out before they come knocking at your door with their calculators.

Step 3: Log Into Your Empower Account

Time to log into your Empower Retirement account which is just like logging into Netflix but without all the binge-watching guilt afterward. So grab that cup of coffee and remember your password (yes again). If you forgot it, just imagine typing “password123” doesn’t work this time…

Step 4: Navigate to Withdrawals

Now that you’re in—and hopefully didn’t lock yourself out—look for something called “withdrawals.” It’s usually lurking somewhere on the dashboard waiting for you like a puppy looking for treats. Click on it! It might look scary at first but trust me it’s all fun inside.

Step 5: Choose Your Amount Wisely

When prompted about how much cash you wanna take out, remember—the higher the amount, the more thrills! Just kidding! Choose wisely because if you take too little, Uncle Sam will be side-eyeing you like he owes him money or something.

Step 6: Confirm Everything

After selecting your amount it’s time to double-check everything like Sherlock Holmes would do if he was dealing with retirement accounts instead of crimes. Check and recheck so you don’t accidentally send them $5 instead of $5000 cause that’ll just ruin everyone’s week.

Step 7: Hit Submit Like You Just Won a Game Show

Finally when everything looks good and ready to go, hit that submit button with all the excitement of winning a game show finale! Jump up and down a little—okay maybe not literally unless you’re home alone—because now you’ve successfully added your RMD into your Empower Retirement Plan!

FAQ Section

Question: What happens if I don’t take my RMD?
Answer: Oh boy, Uncle Sam will come after you faster than if someone stole his lunch! There are penalties involved that nobody wants so just do it!

Question: Can I withdraw more than my RMD?
Answer: Yes absolutely! Go ahead and treat yourself—but don’t blame me if you end up buying those shoes that are way too sparkly!

Question: What if I forget my login details?
Answer: Don’t worry—you’re not alone in this struggle! Just click “forgot password” and get ready for an email rescue mission from tech support heroes.

Question: Will this affect my taxes?
Answer: Yep! It’s kinda like giving candy to someone; they’ll want some back in tax form later. Always consult with a tax pro unless you’re trying to guess their favorite ice cream flavor!

Question: Do I have to take an RMD every year?
Answer: You betcha—just think of it like brushing your teeth; gotta keep doing it yearly or it’ll bite ya back!

Question: Can I roll over my RMD into another account?
Answer: Nope nope nope—you can’t do that without some serious consequences so don’t even think about sneaking away with it!

Question: Is there any way around taking an RMD?
Answer: Only if you’re planning on becoming immortal… then maybe consider keeping secrets from me on how that’s going down.

And there ya go friends! Now adding RMD into your Empower Retirement Plan doesn’t seem so scary anymore, right? You’ve got this!