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Take your Required Min. 401k/IRA this year?

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19 hours ago, Rich&Sylvia said:

As for the RMD - I'm in a somewhat unique situation - and will not take the RMD this year on the chance that the market will ratchet up a little more.

I am in a somewhat unique situation too.  At 72 I am still working full time at a job that is very fulfilling for me.  The interesting thing I learned a few years ago is that if all of your pre-tax holdings (IRA, 401k, etc.) are in a 401k with the company you work full time for, you don't have to start RMDs until you leave the company.  A couple years before turning age 70 I had pre-tax holdings in a few different areas and moved them all to my current employer's 401k.  I don't need the additional income so I'm in no hurry to start RMDs.

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3 hours ago, Ropeshaft said:

I don't need the additional income so I'm in no hurry to start RMDs.

And it will give your heirs a nice boost to retire early and enjoy life! When we became friends with a couple who are both attorneys specializing in elder law, we took their advice and began to spend those payments to whittle down the amounts our kids will have to divide. It is amazing how frequently estates cause family fights. 

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51 minutes ago, Kirk W said:

 It is amazing how frequently estates cause family fights. 

I've seen many families, including ours, break apart over estates.  We told our kids we are spending their inheritance, we earned it, *we* are enjoying it.  My parents (father now passed), I told them to spend their $$, take trips, enjoy what you have earned.  They were more concerned about what they could leave behind.  I told them leave us out of it, we don't need or want it.  Take trips, enjoy yourself.  Didn't happen and the fighting is on the edge, waiting for the day the others think they get some $$.  Problem is, with the fighting already on the edge, my mom wants to split it between myself and a grandchild.  I don't need/want this headache.  I keep telling her to spit it up between all the grandkids.  Fights coming.... grrrrrrr

Edited by NDBirdman
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It works both ways.  My parents were successful, spent many years full timing, and enjoyed their retirement.  We kids told them to spend their last dime on the way to the funeral home, we didn't want any of it.  They mis-timed it a bit.  The last few years of my mother's life, we kids were supporting her.  That causes family fights also.  🙂

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