The start of this year presents a perfect time to review and possibly begin to rebuild your retirement account. Having to take a mandatory distribution means cutting into your already decimated IRA values.
In an effort to prevent having to sell stocks in your IRA to take your yearly distribution, there is now new legislation which suspends the 2009 requires distribution from your qualified plans. At age 70 1/2, you normally have to begin to withdraw from your account. This taxable event also applies to Inherited IRA Beneficiaries regardless of age.
Congress has made the decision to waive this required "pull-out" for 2009 to give seniors the opportunity to not have to sell investments during this down market. A chance to rebuild some of their assets.
But what if you need the money to live on. If you have not already educated yourself about reverse mortgages, now may be the time to do so. A reverse mortgage could provide needed income during this time, giving you an opportunity to not have to pull monies from your retirement accounts. Of course, the key to good planning is to stay informed and educated about what is available to you.
Check with your financial adviser about the new legislation and how it could help and learn about the potential benefits of a reverse mortgage. You can get a lot of information at WashingtonReverse.com and you can even find out your maximum reverse mortgage benefits using their calculators.
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