Are you 70 1/2 years young?

Did you know there is a required minimum withdrawal from your IRA and/or 401(k) before December 31, 2010?

The required minimum withdrawal was suspended in 2009 and you have had all of 2010 to get it done this year, but time is running out.  Especially since the penalty is 50% of the amount that you should have withdrawn!

So, if you are over 70 1/2 and you haven’t made your mandatory withdrawal yet, you still have some time to contact your financial advisor to get it done before the end of the year.  But don’t wait too long.  Many advisors and/or plan administrators are going to be closed for the holidays and it may take a few days to get the withdrawal completed.  You might also need help in calculating how much you have to withdraw.

Unfortunately, the penalty will hit unless the withdrawal has been completed before midnight on December 31, 2010.

Tags: , , , , , ,

Comments are closed.