2007-01-29 02:11:25 · 3 answers · asked by schmije000 1 in Business & Finance ➔ Personal Finance
If you won 5% or more of the employer that sponsored the plan you will have to begin taking minimum distributions when you turn age 70 and one-half. If you don't own the business then you can postpone distributions until the year that you retire. This is the rule for an employer plan. IRA distributions have to start no later than the year you turn age 70 and one-half.
2007-01-29 04:01:31 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
depends...if you're a 5% owner or you've left the company then it's age 70 1/2. If you're still employed by the company then you're not required to take a distribution until you die.
The amount that you should take is dependent upon how old you are, whether you're married, and if you are how old your spouse is....the older you are the larger the percentage that you're required to take.
To find a table..do a search on Minimum Required Distribution tables, or MRD tables. You'll look for the universal life table to get a general idea.
2007-01-29 05:27:56 · answer #2 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
the standard age starts at 59 1/2 to start taking payments and the oldest is 72 1/2. At this time you must start taking money out, they have to tax you sooner or later.
2007-01-29 02:41:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋