How Much Money Must You Withdraw from Your Retirement Account at 70?
Use this guide to familiarize yourself with the process so that you do it right.
Based on your life expectancy and the balance you have in your retirement accounts, you may be forced to withdraw some of the money you’ve saved if you’re 70 ½ years of age. You read that right! As the New York Times explains, after years of encouragement to save, you’ll be penalized if you don’t spend some of the money you’ve squirreled away for your Golden Years.
The Need for a Good Financial Advisor
Working with a financial advisor helps you better understand the IRS requirements. The decision to work with a professional that deals with retirement savings and investments help protect all that you worked so hard for over the years. That way, you aren’t unnecessarily penalized for having amassed too much in your retirement account.
Locating the financial advisor that works best for you takes some research. You can read online reviews or even ask your family and friends who they would recommend. Meeting with the retirement professional allows you to see how they work and which types of investments they recommend.
Reviewing the Internal Revenue Service’s website helps you better understand the exact formula mentioned above. Learning what it entails makes it easier for you to spend and save going forward. The earlier you prepare for such things, the more opportunity you have to ask questions before it becomes imperative for you to withdraw money from your retirement account.
How You Can Avoid the Hassle by Buying Precious Metals
Red Rock Secured gives you the option to buy gold, silver, and platinum with taxed dollars. That means that you won’t need to worry about paying taxes on your retirement funds as you age because you’ll have already done so with the investments you’ve made. You’ll experience less of a hassle at a younger age which is all the more reason to diversify your portfolio with precious metals.
Storing your investments is easy, too. You can opt to have them delivered to your home or choose to keep them at our Depository. Either way, you’ll gain peace of mind knowing that you can take out your coins, look at them, hold them in your hands, and account for their whereabouts at any time.
Red Rock Secured Has Your Best Interests in Mind
Protect your savings by investing in precious metals. You’ll have a liquid asset that you can sell anytime that you need to. That’s news to your ears especially if you’re 70 ½ and needing to make withdrawals from your retirement account soon. You may be able to walk away with more money than you initially thought.
As mentioned before, acquainting yourself with IRS rules helps you avoid losing money on your retirement fund savings. If you need more information about transferring your saved balance into a Gold IRA, feel free to reach out to us for more information. There is valuable insight on our website that addresses many of the questions you might have, too.