IRA Distribution
I will be 73 next year when I will be required to take a yet to be determined minimum amount out of my IRA. How do you suggest I take this distribution and, assuming I don’t need the amount to survive, how should I reinvest it or at least a portion of it? Thank you! Love your segments on WGN Morning News! ~ Sue
Terry Says
You need to keep track of all the balances in all your pre-tax retirement accounts at the end of THIS year. The total will determine how much you must withdraw in the year you reach age 73.
Please read this recent column: https://www.terrysavage.com/calculating-your-rmd/
Next year, once you take the money out, if you don’t need to spend it you can invest it in any way you choose. But you cannot make another IRA contribution unless you have earned income next year.
