If you have a tax-deferred account such as a traditional IRA, you will have to start withdrawing money at some point to satisfy "required minimum distributions." Most people know that IRA owners age 70-1/2 or older must take annual RMDs - or pay a severe penalty for failing to do so. But, did you know that people who inherit IRAs also need to take RMDs even if they are under 70-1/2?
To see how RMDs work, click on the PDF below for a flowchart, provided by Virchow, Krause & Company, LLP.
Julie Jason, Jackson, Grant Investment Advisers, Inc., 2 High Ridge Park, Stamford, CT 06905 Tel: 203-322-1198 Copyright Julie Jason 2009. All Rights Reserved. www.jacksongrant.us
