LiberalFighter
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Oct-10-08 09:07 PM
Original message |
"Current rules mandate that investors must beginning to sell off their IRAs and 401ks... |
|
when they reach age 70 and a half." According to McCain in his stump speech.
What is wrong with that? The problem is that McCain is implying that it must all be sold off at age 70 1/2 years old. Or at least his language is confusing.
The truth is that only a required minimum amount must be withdrawn from their retirement account each year based on their asset amount.
If someone had $200,000 in their IRA at age 70 1/2 they would have to withdraw a minimum of $7299.27 the first year.
Anyone else have anything else to add to this?
|
Triana
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Oct-10-08 09:23 PM
Response to Original message |
1. I wondered WTF McCain was talking about. I think you're right - that only a min amt |
|
must be withdrawn beginning at 70 1/2. That's what I've always read and what my own puny IRA says.
|
JimWis
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Oct-10-08 09:34 PM
Response to Original message |
2. You are exactly right. McCain is probably trying to scare the |
|
older voters or something. Or he just doesn't understand what he's talking about. Not that he ever does.
|
LiberalFighter
(1000+ posts)
Send PM |
Profile |
Ignore
|
Fri Oct-10-08 10:03 PM
Response to Reply #2 |
3. Considering that he probably doesn't have a IRA or 401k that would require withdrawals. |
DU
AdBot (1000+ posts) |
Fri May 03rd 2024, 05:11 PM
Response to Original message |