Can you provide me with a link to where this is explained?
This requirement maybe postponed because of the economy or something. If you know of a link to the details of the postponement that too would be appreciated.
That’s always been the case for standard IRAs – you are required to start withdrawing money at age 70 1/2. I haven’t heard of any postponement.
For 2009 only, Congress has lifted the RMD requirement. The thinking was that they didn’t want to force anyone to sell stock when the market was down to make their RMD.
(Of course, this blows my mind. No investor should have money in stock that they intended to withdraw in the next year. It should be common sense that anything you’re going to take out in the next year should be in cash, and anything in the next five years should be in bonds).
Thanks. This link led me to the phrase “Required Minimum Distribution”. Googling this phrase led me to the IRS charts. Thanks again.
Due to the financial situation, the Required Minimum Distribution has been suspended for this year (i.e. you need not withdraw anything from your tax qualified accounts this year).