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Personal Finance and Investing

question everything

(48,977 posts)

4. Any time you take money after 59 and a half you have to pay taxes but no fees

Reply to lark (Reply #3)

Wed Mar 30, 2022, 10:17 AM

Mar 2022

And really it is for the healthy and wealthy. We could not wait to retire, had enough. And started taking Social Security at 66 and IRA at 70 and a half because we needed the money.

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401(k) Savings Plans Get a Boost in Bipartisan Retirement Bill [View all] question everything Mar 2022 OP

The key line being "boost the bottom line of the financial services industry dflprincess Mar 2022 #1

(cough) (cough) higher tax bills (cough) nilram Mar 2022 #2

This hits me directly and will cost me $$$. lark Mar 2022 #3

Any time you take money after 59 and a half you have to pay taxes but no fees question everything Mar 2022 #4

I have to file a form every time I take out money to prove this is a retirement account. lark Mar 2022 #6

The year one MUST begin REQUIRED minimum distributions -- was 70 1/2, then 72 with the SECURE Act of progree Mar 2022 #5

Yes, it can hurt retirees - cause them a lot more work to get their money. lark Mar 2022 #7

I'm sorry, but I don't see how giving you the OPTION of delaying when you HAVE TO take progree Mar 2022 #8

I rolled my 401k into an IRA seamlessly, decades ago. That might be a way around progree Mar 2022 #9

I retired from a lifetime of work in nonprofits and when those finance people started coming around CTyankee Apr 2022 #10