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Taking Income Distributions
Age 70: Last call for Social Security – If you haven’t started getting benefits, it’s time. At age 70, Social Security maxes out at 132% of the initial full benefit.
Age 70 ½: Happy half-birthday! You have until next April 1 to take your first Required Minimum Distribution (RMD) from your IRA and employer-sponsored retirement plans, and until December to take the second distribution.
Now these milestones are straightforward and based on birthdays, so they are pretty easy to track. As an investment and financial advisor, it’s critical for me to know that there are more pieces to the puzzle for each of these milestones and that’s where my team can help you effectively navigate what you should be using and doing to actually perform well during these milestones.
For more Information contact us directly at 312-243-3907/Office or 312-952-8040/Cell; email at [email protected]. Click here for an online version of the milestones.