I am 70.5 yrs. old. What to do with matured investments - ira's?

Answer 1

As identified by others, you will need to start taking your Required Minimum Distributions (RMD's) from your IRA's. Typically, most people want to take just the minimum amount out required by the IRS because you pay income tax on those distributions, not capital gains tax as in your taxable brokerage accounts. For most people, their income tax rates are higher than the 15% capital gains rates. You may of course take more than the minimum if you need the money to live on but it would be my last choice if I had other means.

Answer 2

Because of your age, you are going to need to start taking distributions. Unless your IRAs are Roth IRAs, for wich you do not need to take distributions.

When you start taking distributions for traditional IRAs you will owe income tax on those distributions. If you have enough money and don't need your IRAs, you can contribute up to 100k per year to charity and don't owe taxes on that money. Plus they will also count towards your distributions.

Anyway, you should seek advise from a truthworthy financial planner or financial savvy family member. As advice, never take for granted wath others tell you and perform most of your own research as possible. Unfortunatedly, there are many financial professionals out there with a serious moral and ethical deficit!

Answer 3

Well you need to not think of your age as an issue #1. That way you aren't limiting the time frame in which there will be a need for your money- perpetual strategy. This is the only way to be sure your money doesn't run out in the event you live to be 110 years old. A 4% income taken off the principal amount at the end of the year from a well diversified account should with 95% certainty mean that your money will never run out. Keep 1-2 years worth of expenses in cash/money market and CDs. The rest should be in mostly stocks or capital with a chance of appreciation with liquidity (marketable real estate for instance), bonds, and other types of investments that may be suitable for safety and growth.

Train someone you can trust now to work with you on your finances. At some point hopefully closer to that 110 age you will become dependent and need someone who will look out for your best interest and carry out your wishes.

Answer 4

I trust J-10. once you're rolling from a conventional to a conventional, you is honestly no longer taxed. I requested my credit union a question about rolling a conventional IRA to a Roth IRA. They suggested i'd be taxed, even if it doesn't be a lot even if.

Answer 5

For traditional IRA's (not Roths) you'll have to start taking out a minimum required distribution. You can find the amount required using formulas in the appendices of IRS Publication 590 - you can download it at irs.gov

Most holders of IRA's will notify you of your required distribution, and many will send it to you automatically if you don't contact them.

If you have multiple IRA's, you can add the totals together, and take the required distribution all from one IRA, if you want to - you don't have to take the minimum percent from EACH of them.

Answer 6

Open a brokerage account at E*Trade and drop me a line.

I will help you for FREE.

I am a Portfolio Manager with over a decade of experience in the Stock Market.

Answer 7

If you don't need the money, they leave it in the IRA and let it keep growing. If the money is excessive and you won't need it eventually, you can take it out of the IRA and give up to $10,000 per person without tax liability for that person.

Answer 8

I think you need to see a trustworthy financial adviser, he /she will recommend your best course of action based on your particular situation. Ask at your bank for suggestions. Any recommendations without considerations to your desires, needs and tax situation would not be of any use to you at all.

Answer 9

Consult an accountant.

Answer 10

Go on a cruise boat and PARTY!