The end of the year and approaching tax time brings reminders of the required minimum distribution for a traditional IRA - individual retirement account. Regulations require individuals with a traditional IRA to make mandatory withdrawals at age 70.5. This withdrawal can be taxable with your ordinary income tax rate.
Some transition money before retirement from their traditional IRA over to a Roth IRA. These funds would not be included in your traditional IRA when you reach 70.5 and are made to withdraw. The funds you transition will be taxed at ordinary income tax rates the year you switch over.
Another idea is doing scheduled withdrawals from your IRA before reaching 70.5 even if you are not needing the money. The regulation essentially requires you to withdraw more as your life expectancy decreases. This activity gets you ahead of the regulation.
Consumers can expect additional services designed to help manage your IRA assets throughout retirement to spring up.
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