 |
|
 |
|
 |
|
“Time’s up for saving. Let’s switch to income.”
You’re age 70 1/2, and there’s cause for celebration. It’s time to start taking income from your employer-sponsored plan. You never knew half-birthdays could be so fun, did you? Allow us to offer some pointers to make sure you take your distributions by the [IRS] book. Otherwise, you could be looking at some pretty hefty tax consequences. See Dee . She’ll explain.
• Minimum distributions
• Sample calculation
• Next steps
• Contact a Professional
|
|
 |
|
 |
“Ouch!”
Run afoul of the IRS’s minimum distribution requirements, and you could be looking at a penalty equal to 50-percent of the amount you should have withdrawn. Best get it right.
|
|
 |
|
|
