Have a question about your own retirement savings? Email us at [email protected].
My wife and I are both 72. We have around $460,000 in IRAs that we have not had to touch. We have $300,000 in savings. Our Social Security and pensions come to about $10,000 a month, of which $3,800 is VA disability and thus nontaxable. Our house is paid off and because I am a disabled veteran, we pay no property tax. Next year we have to start taking required minimum distributions from our IRAs.
But before you go and do that, I would get clear about how much you need to take for your distribution, and if you truly don’t need it. You mentioned your account balances and income from Social Security and pensions, but try and estimate what your expenses will be in the future, not just the present.
For readers who may not know, retirement-account holders must begin taking a certain amount of money out of their accounts beginning at age 73, calculated using factors such as life expectancy, current age and account balance. Failure to withdraw an RMD could result in big fines: The penalty is 50% of whatever was required to distribute. For example, a missed RMD of $2,000 would incur a $1,000 fine.
Also see: I’ll be 60, have $95,000 in cash and no debts — I think I can retire, but financial seminars ‘say otherwise’
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