Congress and the IRS decided that you could not leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin your mandatory withdrawals.
The number I am looking for is actually 59½!
Congress realized a couple of years back that most workers will not have enough retirement savings set aside for their golden years.
You may have a 401(k), a 403(b) which is for nonprofit organizations such as schools and hospitals, a 457 plan which covers state, county and city employees and there is a Thrift Savings Plan for federal employees.
Almost all 401(k) plans and some 403(b) and 457 plans allow the participant to borrow from their plan.
It’s midyear and this is a good time to review your retirement accounts.
When we hear the word rollover, we think of a dog following a command to rollover, wanting a treat.
We have Generation Xers frozen in our minds as this 25 year old but they are no longer kids.
Retirement planning should start with your first job.
This is a good time to start your tax planning for this year.