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59.5 now or as of end of year

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ByDeborah

L1: 59.5 now or as of end of yearI want to start taking a distribution from my IRA. I’ll be 59.5 this December. Do I have to use the 72(t) rules if I want to start now (in May) or is it 59.5 in the calendar year?2009-05-05 14:38, By: Deborah, IP: [65.164.62.17]
L2: 59.5 now or as of end of yearDeborah:
With only 6 or 7 months until you reach age 59.5 it would be really dumb … excuse the term but I need to be blunt … to start a 72(t) program now when the early distribution problem will go away so soon. You would be better off to pay the penalty on any really, necessary, early distributions rather than lock yourself up for an additional 4.5+ years of controlled, 72(t) distributions.
The age 59.5 requirement is met when you turn actual age 59.5. Do not confuse “actual age” with “attained age” which is the age you will be on 12-31-CYXX.
Jim2009-05-05 14:49, By: Jim, IP: [70.167.81.119]

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