ROTH IRA’s can’t be far behind...
BTW, can someone explain to me the rational behind the penalty that if one has a traditional IRA and fails to begin taking enough money out of it at age 70.5, one is then taxed at 50%(!!!). I can see some of the rational to make the investor take money out, but 50% for the many people who have small accounts is truly draconian...
(I have a relative with dementia in this position — I can’t figure out why the withdrawals were not done — B4 the dementia began, I think — but if the 50% penalty is enforced, that just puts him into subsidized care that much sooner.)