“More vacations?”
That’s what I had in mind, more vacations with this extra money. However a new law my Ed Jones adviser said is in the works nixes this idea, as I may not withdraw it from the IRA.
I was to start mandatory withdrawals this year, however there is supposedly a new law where mandatory withdrawals will change from 70 1/2 to 72. If that’s the case, I’d be just stupid to take out money for an extra vacation.
Signed into law on 12/20/19. Became effective yesterday.
New law: The Secure Act increases the age after which you must begin taking RMDs from 70 1/2 to 72. But this favorable development only applies to folks who reach 70 1/2 after 2019. So, if you turned 70 1/2 in 2019 or earlier, you’re unaffected. But if you will turn 70 1/2 in 2020 or later, you won’t need to start taking RMDs until after attaining age 72.