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Old 09-21-2014, 07:28 AM
tcxr750 tcxr750 is offline
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Default Required Minimum Distributions on conventional IRA
After taking small amounts from my IRA for several years I had a big surprise when I turned 70 1/2. You are required to take increasing percentages of money from your account wether you want to or not. I found an RMD calculator on the fidelity website and the results show the percentages increase over time. There is a 50% penalty if you do not meet the calculated withdrawals. (consult your investment advisor about this).
As a pre baby-boomer generation person I got my big surprise earlier than many people. Roth IRA anyone?