UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: buznitz One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76388  
Subject: Re: IRA Withdrawals Date: 6/2/1999 1:16 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I have a similar situation in about 4 years. Get IRS Publication 590 to find out your limited options. One way to reduce the yearly withdrawels required is to name a younger beneficiary to the IRA's. But be aware that the IRS has a table (in 590) that requires a minimum withdrawel. At age 70 the divisor is 26.2 which means that you need to divide the values of all your IRA's by that divisor to determine the minimum withdrawel (in your case that's less than $40K). In subsequent years you recalculate the withdrawel amount using the applicable divisor. Looks like you can withdraw about $40K a year and add that to your income.
The tax bite should be about 28%-31%.
Be grateful that you can pay taxes and still eat.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Dividend Growth Investing

Good Time for Dividend Champions?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement