Yes, friends and classmates, it's time.
If you turned 70.5 in 2009 or earlier you'll need to withdraw your minimum distribution from your tax-deferred retirement accounts by December 31, 2010.
If you turned 70.5 in 2010, you'll need to withdraw your minimum distribution by April 1, 2011.
I don't give tax advice, so for the details, you'll need to find another blog.
Memories, photos, reunions, jokes, poems and good times of the Mt. Morris, Illinois, class of 1957.
3 comments:
Murray sez:
As usual Norma is right on top of things. She doesn't give financial advice but I have this to offer. If you think income taxes are going up next year, you might consider taking out more than the minimum this year as long as you don't put yourself in a higher tax bracket than you would expect to be in next year. Rolling it over into a Roth is a good strategy.
my bank always lets me know.and of course, Murray is always there with his two cents. Our honorary class member.Thanks folks.
I should have paid more attention in grade school when we learned math. Never liked it. We did nothing about retirement until our late 40s. I think young people today learn more about this--whether they do it, is another matter.
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