I will be 70 1/2 Aug 2001. Much of my retirement income derives from ira's rolled over from my work 401-k's. I understand there's a statistically derived table that specifies my expected number of years to live after 70 1/2. That value, which changes every year, I believe, is used in the calculation of the amount I have to withdraw from the ira's so that "uncle" gets his pound of flesh each year.What is that number for me as a male in reasonably good health? Also, I'd appreciate getting directed to articles that go into some detail on what I can expect starting next year.Thanx
You want to take a look at IRS Publication 590, Appendix E, Page 74 for the actuarial table for a single person . . .the minimum required withdrawal for age 70 1/2 is 16% applied to the value of your IRA as of Dec 31 of the year prior to when you are 70 1/2. This publication can be pulled from the IRS link below.http://www.irs.ustreas.gov/Dave
What is that number for me as a male in reasonably good health?Life expectancy tables are now unisex and irrespective of your state of health! Yours is 16.0 @age 70 / 15.3 @age 71. For IRS life expectancy table from Pub. 939, see http://www.irs.gov/forms_pubs/graphics/10686k15.gif
TruckeeDave wrote: the minimum required withdrawal for age 70 1/2 is 16% applied to the value of your IRA as of Dec 31 of the year prior to when you are 70 1/2.The life expectancy factor @age 70 is 16.Therefore the MRD using single life expectancy would be1/16 (6.25%) of the account value, not 16%.
rensimer, You are right . . . I meant to say 1/16 not 16%. Thanks for catching my oversight.Dave
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