By Terry Savage on January 17, 2022 | Financial Planning / Retirement

Turning 72 in August of this year (2022). Have a 401K. When must I start taking out from my money from the 401K? How much do I need to start taking out? How much taxes do you recommend to be taken out.

Terry Says

Your 40l(k) custodian can tell you (based on 2021 year end value of the account) how much you must take out. You can take it now or later in the year — or spread out a monthly withdrawal that will add up to the total you need to remove. By the way, ask them to use the new 2022 IRS withdrawal schedule, just posted, which requires you to take out a bit less, since they have extended the life expectancies in the calculations.

Ask them to withhold at least 20% –or more if you have other income.



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