By Melanie Wong
You might not think that 70.5 represents any particular milestone. But when you do reach this age, you will have to make some decisions that affect an important aspect of your life — your retirement income.Here’s the background: Once you turn 70.5, you will need to start taking withdrawals from your 401(k) or similar employer-sponsored retirement plan and from your traditional IRA (but not your Roth IRA). Actually, you will need to begin these withdrawals — known as “required minimum distributions” (RMDs) — by April 1 of the following year and continue taking them by December 31 each year after …
Source:: Vail Daily Feed
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