Required distributions from my IRA ?

[jetboatperformance]

State Farm left me a message about this today but agent is out , WTF is it any how RDP financial Gurus ?

 

[Lower river sludge]

I'm not there yet but unless it's inherited I'm pretty sure you're not required to take RMDs until you are 72

 

[TimeBandit]

Guru's will need your age to give advice.

 

[jetboatperformance]

Guru's will need your age to give advice.

I'll never see 72 again (shhh No one knows )

 

[TimeBandit]

Retirement plan and IRA required minimum distributions FAQs | Internal Revenue Service

Find out about required minimum distributions on your retirement plan under Internal Revenue Code sections 401(a)(9), 408(a)(6) and 408(b)(3) and how much and when to withdraw.

www.irs.gov

 

[boatpi]

Now 73 I believe

 

[King295]

Now 73 I believe

In 2023, not a 1st year RMD for anyone. If a participant turns 72 in 2023, begin RMDs at 73 (2024). RMD increases to age 73 during 2024-2032 and 75 for 2033 and thereafter.

 

[rivermobster]

I started taking mine at 65.

Nobody has to force me to take free money!

 

[jetboatperformance]

Thanks everyone I'll be in touch with them, I thought the monies/procedes were simply reinvested , but wtf I need to buy another 45 auto

 

[mjc]

Thanks everyone I'll be in touch with them, I thought the monies/procedes were simply reinvested , but wtf I need to buy another 45 auto

As long as you pay taxes on the correct amount you can do whatever with it.

 

[mesquito_creek]

Rich people problem… you are on the correct website.

 

[napanutt]

I started taking mine at 65.

Nobody has to force me to take free money!

Same way me and wifey feel about SS. Wifey, 62 last month, will get her first SS check in a couple weeks. I’m still a year and a half from 62 but damn straight I’m collecting the first day I’m eligible.

 

[rivermobster]

Same way me and wifey feel about SS. Wifey, 62 last month, will get her first SS check in a couple weeks. I’m still a year and a half from 62 but damn straight I’m collecting the first day I’m eligible.

You end up with more in the long run that way, but I wanted a slightly bigger check every month.

 

[clarence]

You end up with more in the long run that way . . .

 

[2Driver]

As long as you pay taxes on the correct amount you can do whatever with it.

Yep, that is most important take away from this …..its a tax event.

Your net worth is about to drop even if you don't spend the RMD money. Even likely to push you into the next bracket depending on the size of your 401 and IRAs

 

[BabyRay]

I started taking mine at 65.

Nobody has to force me to take free money!

Same way me and wifey feel about SS. Wifey, 62 last month, will get her first SS check in a couple weeks. I’m still a year and a half from 62 but damn straight I’m collecting the first day I’m eligible.

View attachment 1444476

I thought we were discussing RMD’s.

I have a bit over two years before I’m required to start my RMD’s. It’s gonna suck at tax time.

On the other hand, I took my SS at 69…..I plan on living a long time, so I figure waiting until then was like buying an insurance policy. If it doesn’t pan out, I won’t care anyway. I’d have waited until 70, but it didn’t make enough difference to do so. Funny thing was, right after taking it I had a meeting with my financial planner, and he told me I shouldn’t wait till 70…because it didn’t make enough difference.

 

[bocco]

Didn't know State farm did IRAs.

 

[2Driver]

Didn't know State farm did IRAs.

For awhile, even back as far as the white “Jake from State Farm”