Ask Terry Questions I’ll be 72 in September

I’ll be 72 in September

By Terry Savage on February 04, 2024 | Financial Planning / Retirement

Hi Terry, I will turn 72 in September this year, 2024, and I’ve heard that at 72 you have to cash in your IRA. Is that true? My IRA is worth just under $20,000. I’m retired and get some of my husband’s pension from the railroad. If you need any more information let me know. I just don’t want to do anything wrong to the IRS. Thank you.

Terry Says

No, you have it all wrong! In the year you reach age 73 — not 72 — you must start taking minimum required distributions, based on your age and the amount in your IRA. You do not have to withdraw all of it. Your IRA custodian will let you know how much you must take out each year. The balance can keep on growing.
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