IRA account RMD
I am 72 and must withdraw from my account. Where do I put my money now. I have a small savings and my IRA is under $200,000.
Terry Says
Well, you can spend it! I’m not kidding; there might be some needs — from dental expenses to home repairs to auto expenses– that will call for the money you must withdraw! And don’t forget to save some for taxes (at least 20%) or even better, have that percentage withheld from your withdrawal check.
And if you really don’t need it now, just put it in a money market account in a bank. It won’t earn much interest but it will be safe there for when you eventually do need it!
