Anthony Bardi photo

Anthony J. Bardi

Registered Representative

Enrolled Agent, LTC# 454

 

Tax and Financial Solutions, Inc.

151 SE 223rd Avenue

Gresham, OR 97030

 

Phone:  503-666-7909

January/February 2018

The One Rule You Need to Know at Age 70

The One Rule You Need to Know at Age 70

The main component of your financial life in retirement may be your retirement plan income. Most retirement plans feature required minimum distributions, or RMDs. They sound like WMDs — weapons of mass destruction — and they can have a negative impact on your retirement income if you don’t know the rules.


With few exceptions, the IRS requires individuals to begin taking retirement plan distributions by April 1 of the year after reaching age 70 ½. These rules apply to 401(k) plans, traditional IRAs and Simplified Employee Pension (SEP) plans, but not to Roth IRAs.


The exception is if you participate in the retirement plan where you work and you don’t own at least 5% of the company. Once you separate from this employer, you have until April 1 to begin RMDs. Talk to your tax professional to learn more.


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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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