Mandatory Ira Withdrawal

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Lon
Posts: 9476
Joined: Fri Nov 12, 2004 11:38 pm

Mandatory Ira Withdrawal

Post by Lon »

I am not expecting much response to this particular thread, as not many on the Forum are as old as I, but it may be of interest to others that have an IRA account.

I have now reached that age 70 1/2, where the IRS requires we oldies to take a minimum distribution from their IRA accounts. Fortunately, I have not had to draw anything from my IRA since retiring at age 56, pension, social security and investment earnings have been sufficient for my needs thus far. My age group is indeed fortunate to have been able to generate multiple income sources for their retirement and I only hope that those of you yet to retire sometime in the future, will be as fortunate.
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Tombstone
Posts: 3686
Joined: Mon Aug 02, 2004 12:00 pm

Mandatory Ira Withdrawal

Post by Tombstone »

Hi Lon,

Thanks for the post. Unfortunately, those of us who are going to retire in 20 or 30 years will be facing completely new rules. I'm in the bracket where the social security administration doesn't even want me to take benefits until 67 - and 70 is the preferred age!

Also, I don't know any of my peers who are working for a non-government (fed/state/local) position that offers a pension. It seems those days are coming to a close.

If you don't save for yourself, you are going to be in hot water.
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capt_buzzard
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Joined: Wed Aug 25, 2004 12:00 pm

Mandatory Ira Withdrawal

Post by capt_buzzard »

Lon wrote: I am not expecting much response to this particular thread, as not many on the Forum are as old as I, but it may be of interest to others that have an IRA account.

I have now reached that age 70 1/2, where the IRS requires we oldies to take a minimum distribution from their IRA accounts. Fortunately, I have not had to draw anything from my IRA since retiring at age 56, pension, social security and investment earnings have been sufficient for my needs thus far. My age group is indeed fortunate to have been able to generate multiple income sources for their retirement and I only hope that those of you yet to retire sometime in the future, will be as fortunate.


ooops! You had me wondering for a moment :rolleyes: IRA a/c's :D
Paula
Posts: 1852
Joined: Fri Sep 10, 2004 12:00 pm

Mandatory Ira Withdrawal

Post by Paula »

i'm saving now about $500.00 a month, plus my 401K about $240.00 monthly. Do you think that is enough? ($740.00) per. month? Is this good? :lips:
Everyone has these on their face? TULIPS.
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Lon
Posts: 9476
Joined: Fri Nov 12, 2004 11:38 pm

Mandatory Ira Withdrawal

Post by Lon »

capt_buzzard wrote: ooops! You had me wondering for a moment :rolleyes: IRA a/c's :D
Understandable mistake Cap'n---------IRA (Individual Retirement Account)

A tax deductible contribution during your working years with a Certain annual dollar limitation.
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Lon
Posts: 9476
Joined: Fri Nov 12, 2004 11:38 pm

Mandatory Ira Withdrawal

Post by Lon »

Paula wrote: i'm saving now about $500.00 a month, plus my 401K about $240.00 monthly. Do you think that is enough? ($740.00) per. month? Is this good? :lips:
Sounds good Paula, as long as the projected total will make you happy when you retire. Speaking for myself, I saved/invested never less than 10% of my gross income (before taxes) from age 27 to age 56. That worked for me.
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cars
Posts: 10755
Joined: Sun Oct 03, 2004 12:00 pm

Mandatory Ira Withdrawal

Post by cars »

Lon wrote: Sounds good Paula, as long as the projected total will make you happy when you retire. Speaking for myself, I saved/invested never less than 10% of my gross income (before taxes) from age 27 to age 56. That worked for me.


To start saving at a young age is the way to go like Lon said. However, when you're young, "retirement" is one of the last things on your mind. And saving for it is very difficult, especially when there are so many expensive pressing current needs.

I myself foolishly did not start saving subsataitially until I was about 35, before then only a meager 2% of my salary. As my feelings when I was in my 20's was that I never was going to reach "55", much less "retitement" age. I don't know why, it was as I said, it just a foolish thing! (Here I am newly retired)

Anyway, thank God my new bride at the time (I got married at 33) convinced me to start savings for the future, as well as "OUR retirement". I increased my payroll savings plan percentage, and began participating in my companies 401K plan. (About 25 years ago) Now as I mentioned previously, being "newly retired" between my pension, SS, & my "401K" we are very comfortable! :-6

SO AGAIN, START SAVING (IRA or 401K) EARLY LIKE YOUR COMFORTABLE LIFE DEPENDS ON IT. "IT DOES"

Cars :driving:
Cars :)

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