R M D

By Terry Savage on September 25, 2022 | Financial Planning / Retirement

I am 70 years old. I have some money I’m my 401k, SEP and traditional IRA . I thought now the age for RMD is 72 years, not 70 1/2. Am I wrong? Who can help me to decide the amount, withdraw minimum amount if I am supposed to be withdrawing. I am self employed and don’t need any money. More likely, I will convert to Roth IRA

Terry Says

The RMD age is now 72 (it used to be 70-1/2). Your IRA custodian will help you determine your RMD. If you have multiple IRAs just total them up (value at the end of the year you turn 71) and they will calculate the amount. You can take it out of one or more IRAs.
Don’t do a Roth conversion unless you have money outside the IRA to pay the taxes — and unless the market is at a really low level.

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