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doc03

(37,749 posts)

7. I started withdrawing at 65. The point of the IRA

Reply to JustABozoOnThisBus (Original post)

Sun Jan 12, 2020, 05:24 PM

Jan 2020

was for a retirement income not a tax shelter for your heirs. (Individual Retirement Account) Chances are if you don't spend it and enjoy retirement a damn nursing home or hospital will get it before you die anyway. Not arguing just the way I see it.

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New Req'd Minimum Distr RMD from IRA age is 72 years old, not 70 and a half. [View all] JustABozoOnThisBus Jan 2020 OP

Appreciated. I need to finally meet with a local branch. sprinkleeninow Jan 2020 #1

"in person" you'll get whatever that person knows. JustABozoOnThisBus Jan 2020 #5

I need to bring in plan rules for two 401Ks and go over them with an agent in person. sprinkleeninow Jan 2020 #10

Yeah, if you inherit a 401k or IRA, the rules are complicated, ... JustABozoOnThisBus Jan 2020 #11

Thank you for good thoughts. The typos took months to correct. sprinkleeninow Jan 2020 #12

Thanks for posting this. I've been wondering about it. n/t Tess49 Jan 2020 #2

Only if you turn 70 and a half on January 1st or later. If you turned 70 and a half in 2019 still_one Jan 2020 #3

If you turned 70.5 in 2019, you had to take a RMD in 2019, JustABozoOnThisBus Jan 2020 #4

............. still_one Jan 2020 #6

I started withdrawing at 65. The point of the IRA doc03 Jan 2020 #7

Well, I agree. ret5hd Jan 2020 #8

If you wind up needing a nursing home, marybourg Jan 2020 #9

Excellent point. PoindexterOglethorpe Jan 2020 #13