Skip to main content
No. of Recommendations: 0
Tennisguy1 writes (in part):

I reached age 70 in December. First question..is it true that I do not have to withdraw income from deferred plans until age 70 1/2 and that I can wait until at least January 2001.

I reply:

As I understand the rules, you must make your first withdrawal by April 1 of the year after the year in which you turn 70 1/2, so in your case, you may wait until April 1, 2001, to make your first mandatory withdrawal. However, this may be a bad idea, because you will have to make your second withdrawal by December 31, 2001. One exception -- if you are still working, I believe that you are not required to take mandatory withdrawals from a 401(k) plan through your current employer. I may be wrong about this, though. --Bob
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.