November 24th, 2015 | Judy Chambers
If you are 70 1/2 years of age and have a Retirement account, or an employer-sponsored retirement plan you are subject to withdraw a Required Minimum Distribution by the end of the year.
So if you are looking for some extra money and have not taken your Required Minimum Distribution this would be the perfect place to withdraw from.
Each year after 70 1/2 you are required to take your Required Minimum Distribution. This can be taken any time during the year between during January 1st and December 31st. You do not have to wait until the end of the year to withdraw your distribution. If you take the distribution at the beginning of the year you can hit all the after Holiday Sales.
Some helpful information for fulfilling your Required Minimum Distribution:
The consequence of not taking your Required Minimum Distribution is a penalty tax of 50%.
Please consult withus to make sure you have taken the required amount for the year and if not, Happy Holiday shopping!
Image: Marthastewart.com