RMD and Buying physical gold
Greetings Terry,
I’m 69 year old single female retired. How do I minimize my taxes on the required minimum distribution from my 457? Don’t want anymore defer accounts. I know I have a few more years to go. I’ve taking out $20,000 last year. I going take out another $20,000 this year. I would like to purchase physical gold and silver. Where can I put another $75,000? Don’t understand stock market or Bitcoin.
Terry Says
First of all, you must take your RMD after you reach age 72. BUT you can withdraw money now even though it is not required.
You will pay ordinary income taxes on any money you withdraw. (Ask the custodian to withhold taxes on the withdrawal.)
Then you are left with after-tax cash. You can save it, invest it, go on a cruise — or buy gold coins at reputable bullion dealer. To find one near you, go to www.Money.org – the website of the American Numismatic Association.
Just remember, the money you DON”T take out of your 457 will continue to grow tax deferred. Just make sure your investments remaining inside the plan are conservative.
