Is there any more news on President Trump maybe raising the mandatory withdrawal age from 70 1/2 years old?????
“Is there any more news on President Trump maybe raising the mandatory withdrawal age from 70 1/2 years old?????”
I believe the Senate hasn’t even looked at the Family Savings Act (passed by the House a month or so ago). That’s got the raising of the RMD age, or at least a free pass on it if your account is below a certain amount.
If I was you I’d strongly look into rolling over your old 401K or IRA into a Roth IRA. Just do it only so much at a time — you’ll pay income tax on the amount you roll over and don’t want to put yourself in a higher tax bracket. Figure out what your AGI is, then how much you can increase your AGI without going into a higher tax bracket, and roll over that amount from your old 401K/IRA to a Roth IRA. Roth IRA’s have no RMD’s.
The news report I posted isn’t a Trump passed thing or new Congress passed thing. It’s already in the old IRA and 401K law to automatically raise the max’s based on the inflation rate, as long as it’s done in $500 increments (the reason they don’t raise it every year).