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5610 Ward Road, Suite 300 Arvada, CO 80002

9200 E. Mineral Avenue Centennial, CO 80112

 

Phone:  303-252-0852

 

Website: www.walshfinancialsolutions.com

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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Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
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