traditional IRA
i HAVE $52000.00 IN A TRADITIONAL IRA THAT MATURES ON JULY 5TH… I’M 72 YEARS OLD… WHAT SHOULD I DO WITH IT?
Terry Says
What do you mean by “matures”? Do you have this IRA at a bank, and it is invested in a CD that matures on this date?
If so, I recommend that you renew the CD for one year at a time — BUT, you’ll need to keep some money in liquid form to make your Required Minimum Distribution the year you turn 73 (which could mean THIS year if you reach that age later in the year).
To find out your RMD from this account, click on this link.
You’ll need to know the balance in that IRA at year-end last year. I think putting about $10,000 in the IRA into a money market inside the IRA account will more than cover the RMD for the next two years.
