5 tax tips for those moving into retirement years:
"When you hit age 70 1/2, you need to take care of required minimum distributions each year.
You can delay required distributions from your employer's plan until you retire from that employer — but IRA distributions must start at 70 1/2 no matter what.
If you did not take the required minimum amount in your 70 1/2 year, then you must receive distributions by April 1 of the following year.
The required minimum distribution for any year after you turn 70 1/2 must be made by Dec. 31 of that year.
And there's a complex set of calculations to figure out that required distribution based on age and amount of savings."
'via Blog this'
