Most retirees know by now that in the Worker, Retiree, and Employer Recovery Act of 2008, Congress waived required minimum distributions in 2009 from IRAs, 401(k) accounts, and certain other retirement plans. The intended benefit was to prevent retirees from being forced to sell invested assets during a severe market decline. [Read more…]
If you have an IRA or want to use an IRA as part of your retirement income plan, it helps to know how you will be able to manage distributions. There are online tools that will help you do this. [Read more…]
Congress recently passed legislation waiving required minimum distributions (RMD) from an IRA, 401k plan, and other qualified retirement plan for 2009. Based on that, some retirees age 70 1/2 and older who are subject to RMD rules waited to see if the Treasury would apply the RMD waiver for 2008 as well.
On December 18, the Treasury announced that the Required Minimum Distribution rules would apply for 2008. [Read more…]