Quote:
Originally Posted by JackDidley
Now 73 and have enjoyed my SS money. Still drag racing and not really getting into that IRA.  |
You will soon, though.
You have until April of the year following your 73rd birthday to start taking the required minimum distribution (RMD) without taking a hit by the IRS which is 25% of the shortfall. You can minimize the hit to 10% by using a sort of ‘catch-up’ provision, though.