55+ Living Guide Spring/Summer 2017 55++LG+Spring+17+Spreads - Page 39

1. When do I need to take withdrawals from my IRA? Regardless of when you actually retire, you are required to start taking dis- tributions from your IRA for the year that you turn age 70 ½. The distribu- tions that you are required to take are called Required Minimum Distribu- tions, or RMD for short. The dis- tributions must be actually taken by April 1st of the year following the year in which you turn age 70 ½. So, for example, if turn 70 on June 1, 2017, then you will turn 70 ½ on December 1, 2017. You will need to take a RMD for 2017, but you have until April 1, 2018 to take the distribution. After the first year, distributions from your IRA must be taken by December 31st of each year. 2. How much do I need withdraw from my IRA? Your RMD is calculated by taking the balance of your IRA account from December 31st of the prior year, and dividing it by the appropriate distribution period from the IRS Uniform Lifetime Table. For example, suppose Mary is 80 years old and the balance in her IRA account on 12/31/16 was $120,000. Using the IRS t &RW"F7G&'WFW&B2pV'2W"$Bf"#r2CbCr C#sCbCr"6VRFPBr2ג$BFVCF7G&'WF2g&W"$66V@&RFVBFRB&F'6P&FW2&V6W6RR&V6VfVB6PFFVGV7Ff"VG2FBP6VBFW"$vVRvW&Pv&rR&Rr&WV&VBF6RFFRF7G&'WF2R&RЦ6VfRg&FR$vR&WF&VVBRuvBV2Fא$vVFSvVRW7F&Ɨ6VBW"$66VBRfVBWBW'v&F@vVBRFR&VVf6&W2`W"$66VBG6ǒRvRW"7W6R2W"&'&VVf6'BFVW"6G&V06FvVB&VVf6&W2B2v0vBFVF6V6W"&VVf6Ч'FW6vF2BR7W&RFW&RWFFFRR&VVfBbfpVB&VVf6&W22FBW"$66VBFW2BfRFvF&Vv&&FRBv72F&V7FǒFW &VVf6&W2ࠒbW"7W6R2W"&VVf6'FVWW"FVFW"7W6PvG6ǒ&fW"FR$66V@F2"W"v$66VB@FV&R7V&V7BFFR$B'VW2`FW&RfW"FRvRbs +F226VB7W6&fW"खbW"6G&V&RW"&VVf6Ч&W2FVFW&V6VfRFR$2( ƖW&FVB$( B&R&WV&VBF&VvFr$G2&6VBFV"ƖfPWV7F7WfVbFWfRBW@&V6VBvRs +vWfW"F2FW0rFVF7G&WF6&V6VfrF7G&Ц'WF2fW"FV"ƖfWFRBw0FR66VBFw&rFFVfW'&VB66W6क$2&RvFW&gVFFWB6FPWf"&WF&VVBBFpF6RgVG2Fw&rFFVfW'&V@W"f"FfGV2$06&R7V'7FF6W&6Rb6P&WF&VVBB66&fFP&VVfG2FW"7W6RB6G&VW"FVFW7BR7W&RPVFW'7FBFR'VW2&Vv&Fr$2B67VBVƖfVB&fW767V626W'FfVBV&Ɩ266VFB`RVVBGf6R&Vv&FrW"$66VBBFRF7B7V6f2FW"f7BGFW&f"FW"W7FFRpVW7F2"f"g&VR67VB6W'rrf&@SCcRsS6'B6FRvRbFR%2F&RFPgVF&R6&RfVBFR%2vV'6FR2trF67VFRא$BbfR&PFR$FW&R2'GVGFFƗGFP&BbrW&RbRfR&PFR$66VBR67VFPFR$BVBf"V6$6WЦ&FVǒFVR6FFFR$@VG2f"W"$2BP6FRFBVBg&R`W"$2F26rRFFRЦ6FRv666VBFW6RFFRW F7G&'WF&6VBFRV&w2FB'F7V"66VBࠐ3