U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-14-2016, 06:55 AM
 
72,085 posts, read 72,068,214 times
Reputation: 49621

Advertisements

Splitting ira's pre 72t are great if you need less money but doesn't help if you need more then the election gives you.

One of the catch 22's is folks who are taking 72t elections do not usually have other sources of funds.

72t elections do not include adjusting for inflation very much so if it is over a longer time frame and being used for early retirement other sources of additional income may be needed.

72t elections and laddered roths for inflation adjusting can be a good combo.

Last edited by mathjak107; 02-14-2016 at 07:19 AM..
Reply With Quote Quick reply to this message

 
Old 02-14-2016, 07:13 AM
 
Location: Former LI'er Now Rehoboth Beach, DE
7,907 posts, read 10,617,301 times
Reputation: 7990
Mathjak107 has it right. Suffice to say that I have exceeded the RMD and I am neither "busted" nor in danger of doing so. It is as pointed out, a MINIMUM, distribution but it can't be touched without penalty unless you have reached 59 1/2.
Reply With Quote Quick reply to this message
 
Old 02-14-2016, 07:16 AM
 
72,085 posts, read 72,068,214 times
Reputation: 49621
Except under the terms of a 72t election above , then it can be touched with no penalty before age 59-1/2
Reply With Quote Quick reply to this message
 
Old 02-14-2016, 01:56 PM
 
466 posts, read 292,215 times
Reputation: 1809
Quote:
Originally Posted by golfingduo View Post
Thank you, GolfingDuo. That is what I was looking for - a source.


Mathjak and others, thanks as well. Looks like you were right as I suspected. It seemed too good to be true and it was


BTW, a person asking for a source doesn't mean that they don't believe the advice given, or that they refuse to take good advice. It's just prudent to verify information, no matter where it comes from. I will definitely being seeing a pro before I actually do anything.


I very much appreciate everyone taking the time to respond. Thanks!!!
Reply With Quote Quick reply to this message
 
Old 02-14-2016, 03:45 PM
 
168 posts, read 130,365 times
Reputation: 844
https://www.irs.gov/Retirement-Plans...-Distributions

Answered basic simple questions. Thought #7 might apply.
Reply With Quote Quick reply to this message
 
Old 02-14-2016, 08:35 PM
 
466 posts, read 292,215 times
Reputation: 1809
Suevee, yes I saw that before. That's why I was looking for additional information - it seems there are conflicting answers to this question. I guess it depends on whether it's a normal distribution (yes) or a 72t distribution (no). I think I'll call the IRS directly (ha ha!) for clarification...
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top