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By Jim Miller
Savvy Senior 

Required IRA and 401(k) withdrawal rules for retirees

 


Dear Savvy Senior,

Can you give me the details on required IRA and 401(k) distributions? I turned 70 this year, and want to be clear on what I’m required to do, and when I’ll have to do it.

Planning Ahead

Dear Planning,

The old saying “you can’t take it with you” is definitely true when it comes to Uncle Sam and your tax-deferred retirement accounts. Here’s what you should know about required retirement account distributions along with some tips to help avoid extra taxes and penalties.

RMD rules

Beginning at age 70 and a half, the IRS requires all seniors that own tax-deferred retirement accounts—like traditional IRAs, SEP IRAs, SIMPLE IRAs, SARSEPs, 401(k)s, 403(b)s and 45...



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