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Old 02-03-2018, 08:15 PM
 
Location: 5,400 feet
2,613 posts, read 2,572,282 times
Reputation: 3647

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Quote:
Originally Posted by blktoptrvl View Post
Folks, I understand if you want to veer off on other topics, but this thread was created to ask a FINANCIAL question...

Is there a instrument that allows you to defer Required Minimum Distributions on IRAs.

I have found one, but would still like to know if any others exist. I'd still like to hear about that if you know of any.
I am in your situation. The QLAC is the only option I can find, and I find it a terrible option. Since both my wife and I will begin RMDs this year, we are reviewing charities worthy of contribution. We have always made substantive charitable contributions and will continue to do so. The remainder will go into our brokerage account and, I hope, continue to grow.
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Old 02-03-2018, 08:20 PM
 
Location: Silicon Valley
18,081 posts, read 22,914,959 times
Reputation: 35196
You send it to me! I'd be happy to help you get rid of money you don't know what to do with. I could start by getting a tune-up for my truck, a new battery for my old Mac laptop that will only work when it's plugged in now. Heck, I could even buy some vegetables.

Wish I had such problems.
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Old 02-03-2018, 08:22 PM
 
Location: SC
8,791 posts, read 5,647,974 times
Reputation: 12805
Quote:
Originally Posted by jiminnm View Post
I am in your situation. The QLAC is the only option I can find, and I find it a terrible option. Since both my wife and I will begin RMDs this year, we are reviewing charities worthy of contribution. We have always made substantive charitable contributions and will continue to do so. The remainder will go into our brokerage account and, I hope, continue to grow.
Thanks for addressing the question at hand. And yes, I agree with you, this is a terrible option. I am fortunate that I still have ten years to find a solution. Right now, the best for me seems to be to convert about 9.5K a year for the next ten years and then leave the rest. Unfortunately, this conflicts with other tax related goals and that is why I hope to find something else. Thanks again.
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Old 02-03-2018, 08:28 PM
 
Location: SC
8,791 posts, read 5,647,974 times
Reputation: 12805
Quote:
Originally Posted by TwinbrookNine View Post
No problem. For safe keeping:


Send it (certified check) to:


Me
PO Box 564
Sarasota, FL 38007-7564
Quote:
Originally Posted by HappyDogToday View Post
Ha! You can send some my way!
Quote:
Originally Posted by NoMoreSnowForMe View Post
You send it to me! I'd be happy to help you get rid of money you don't know what to do with. I could start by getting a tune-up for my truck, a new battery for my old Mac laptop that will only work when it's plugged in now. Heck, I could even buy some vegetables.

Wish I had such problems.
You do realize I am not really trying to just "get rid of it." I actually want to keep it myself - just pay lower taxes on it.

Otherwise, I would surely throw a big party and invite everyone... It would be just like Rodney's last line at the end of "Caddyshack!"
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Old 02-03-2018, 09:19 PM
 
Location: SC
8,791 posts, read 5,647,974 times
Reputation: 12805
What about buying real estate in your IRA. How can there be a RMD of a house? I'll have to research this one.

Edit:

Here is some preliminary information.

https://www.pensco.com/blog/the-real...estor-and-rmds
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Old 02-03-2018, 09:27 PM
 
10,812 posts, read 8,054,817 times
Reputation: 17010
It's a common problem.
Required Minimum Distributions for when you don’t need them NOW

We're taking the tax bite, then gifting ours to our children.

Last edited by biscuitmom; 02-03-2018 at 09:44 PM..
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Old 02-03-2018, 09:34 PM
 
Location: Living rent free in your head
30,988 posts, read 13,558,751 times
Reputation: 22077
Quote:
Originally Posted by dothetwist View Post
As a permanent resident of Mexico (green card) I see poverty that I can do something about. Not send something off in an envelope or via PayPal and wonder what it goes for. I am hands-on at an orphanage....I saw their horrible old mattresses....I went to the mattress store and bought them, had them delivered. Went to the fabric store and had them make new sheets (this is cheaper here than buying ready made). I see the mattresses, the sheets....the kids got them, no worries it went anywhere but straight to them. I also am involved with kids with severe disabilities....breaks my heart to visit them. I had their residences re-wired. Next I will get solar panels for both this facility and the orphanage.
That's awesome, what a wonderful way to help people.
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Old 02-03-2018, 09:38 PM
 
191 posts, read 104,320 times
Reputation: 744
Adopt A Student, Send Him Or Her To College
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Old 02-03-2018, 09:51 PM
 
Location: Saint John, IN
11,043 posts, read 3,980,532 times
Reputation: 13557
Quote:
Originally Posted by MI-Roger View Post
I am pretty sure you cannot place the surplus funds in another IRA or tax deferred account. I may be wrong but research it before you do this.
No you can not. The point of an RMD is for the principle to slowly be withdrawn and taxed. Now after it’s taxed you can put those funds into an Anniuity and the interest earned on it will become tax deferred up to age 100. When funds are withdrawn only the interest earned will be taxed as it will now be non qualified funds instead of qualified.
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Old 02-03-2018, 10:18 PM
 
Location: Texas or Cascais, Portugal
3,414 posts, read 3,178,832 times
Reputation: 8269
I wonder about folks who believe they can never spend down their savings. Are they taking into account that should they require long term care resulting from a stroke or other disabling event that they may need hundreds of thousands of dollars to pay for that care? My dad always thought he had plenty of money saved but after being retired 30 years, he had a stroke requiring full nursing care for the past 6 years. He is 93 but could easily live another 5 years and, paying out of pocket for Assisted Living, rehab and other costs not covered by health insurance has put a significant dent in his life savings. Old age can be very expensive, should you live long enough and not wish to end up in a nursing home.
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