Just turned 72, consider something new. You must start paying back the taxes that you have deferred over the years. There is no truly free lunch as some would say. What the government giveth the government takes away.
The IRS has a table that tells you how long you are likely to live a your age. They also tell you how to determine the amount they want each year which is based upon your age and the total in your funds. The mandatory distribution only affects funds that were not taxed when earned. IRA, SEP IRA, 401(k) etc.
This podcast discusses what this is all about and who must comply, when, and how. It also recommends that you visit our website RetireCoast.com and read our articles about filing your Senior 1040 form and another article about tax planning
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