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Originally Posted by Moooo
Ohhhhhh! I was thinking of penalties. Cause he would always talk about how he could only get so much until he was something like 75 then he got to have it all...
Boy I'm learnng all sorts of stuff. I'm gonna have to reread all of this!
Moooo
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Now I'll confuse you even more. Your grandpa was talking about minimum required distributions. When your really old and crusty (somewhere in the 70's, dont remember) and you still have money, the government gets impatient and requires that you start withdrawing a minimum amount of money every year which is based on your life expectancy in an effort to spend that puppy down and give uncle sam his deferred money before you die.
If an older person with a big IRA or 401k fails to take the minimum required distribution out, there's a mega-nasty penalty that the IRS whacks them with.
Knowing us, I'm sure everyone on this board will probably be dead before they have to worry about it.
