Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   Investment Talk (https://www.talkofthevillages.com/forums/investment-talk-158/)
-   -   Need Tax Advice On A Roth IRA (https://www.talkofthevillages.com/forums/investment-talk-158/need-tax-advice-roth-ira-311146/)

Villageswimmer 11-14-2020 05:04 PM
Quote:
Originally Posted by tcxr750 (Post 1861025)
IMO. Just remember that at age 70 1/2 you will be required to make withdrawals from your conventional IRA at percentages determined by the government wether you want to or not. The percentage goes up every year.
Time for an accountant knowledgeable in the consequences of ROTH vs conventional IRA.
No. The RMD age is now 72. There is pending legislation that could hike it to age 75.
Don’t take advice for such critical financial information on an internet site.

retiredguy123 11-14-2020 05:07 PM
Quote:
Originally Posted by tcxr750 (Post 1861025)
IMO. Just remember that at age 70 1/2 you will be required to make withdrawals from your conventional IRA at percentages determined by the government wether you want to or not. The percentage goes up every year.
Time for an accountant knowledgeable in the consequences of ROTH vs conventional IRA.
The required mimimum distribution age is 72, not 70 1/2. Check the new law.

tcxr750 11-14-2020 05:18 PM
Good news for those 70 1/2. Those RMDs will still be due wether you want to or not.

retiredguy123 11-14-2020 05:47 PM
It's complicated, but the way the math works out, the new RMD law will delay the RMD start date by two years for those with a birthday in the first half of the year. But, it will only delay the RMD start date by one year for those with a birthday in the second half of the year.


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