UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: billteer Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76420  
Subject: Mandatory IRA Withdrawals Date: 8/24/2000 2:09 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi:

I know that there are rigid IRS rules regarding
mandatory withdrawals from IRAs beginning at
age 70.5. But I don't know exactly what they
are and I don't know how to maximize my income
and minimize my taxes as I withdraw.

My IRAs are somewhat complicated, but substantial.
They are under 8 different custodians and in 18
different investments. The total value is
>600K currently allocated as

Equities 5%
Mututal Funds 66%
Cash 6%
US Obligations 16%
CDs 8%
100%

Questions:
1. What is a good source for a simple explanation
of the withdrawal rules and the possible
penalties?
2. Once I figure out how much I have to withdraw,
do I have to withdraw from all equally or can
I wipe out one before moving to the next?
3. Shouldn't I go to a professional financial planner
to get advice?

There is some time pressure as I am now 66. I'm
still working full time, so I don't need any
withdrawals now, but seventy is fast approaching.

Thanks,
Bill


Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | 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:
Macro Economics

Looking at Currency Ratios
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