Celebrating your 70 ½ Birthday this Year?

If you are turning 70-1/2 this year and you own a traditional IRA (or a Simplified Employee Pension or Simple IRA), remember to start taking your mandatory Required Minimum Distributions (known as “RMDs”). These required payouts may mean additional income, but don’t forget that they also may lead to additional income tax liability. Rest assured, however, this option is better than failing to comply with the required minimum withdrawal rules and incurring a 50% penalty on any shortfall you fail to withdraw.

If you would like to learn more about how to comply with these laws, please click here.

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