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When am I 59 1/2?

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Last Updated On
ByFundiego

L1: When am I 59 1/2?I am starting SEPP in 2002, turning 55 on 7/1/02. I then will turn 59 1/2 on 12/31/07, or, do I? Assuming I do, on 12/31/07. am i required then to still make the SEPP exact withdrawal amount on my 60th year?2001-12-29 17:27, By: Fundiego, IP: [127.0.0.1]
L2: RE: When am I 59 1/2?When will the first payment be made and how many payments per year will be made? 2001-12-30 05:37, By: Gfw, IP: [127.0.0.1]

L2: RE: When am I 59 1/2?Will start 12 monthly payments, starting January 2002. Probably each 15th.2001-12-31 12:21, By: fundiego, IP: [127.0.0.1]

L2: RE: When am I 59 1/2?You didn’t give me a date of birth, but working backwards I came up with 06/30/1948 which would make you 59.5 on about 12/30/2007. The five year period would start on 01/15/2002 and end on 01/15/2007. Your last required payment (assuming monthly payments) would be made on 12/15/2007 just make sure that no additional payments are made until after 01/15/2008. 2001-12-31 13:47, By: Gfw, IP: [127.0.0.1]

L2: RE: New CalculatorTomorrow we’ll be posting a new calculator that should help in illustrating the first date that SEPP plan payments can be modified. Best wishes for a Happy and Prosperous New Year! :~}2001-12-31 16:39, By: Gfw, IP: [127.0.0.1]

L2: RE: When am I 59 1/2?Sorry, still confused. My BD is 7/1/1947. According to the rules, as i read them, I must take the same annual amount (regardless if its taken monthly) payment at least one day after turning 59 1/2. So, will I have to take the SEPP annual amount in the year i turn 60 as well? Thanks.2002-01-10 16:33, By: Fundiego, IP: [127.0.0.1]

L2: RE: When am I 59 1/2?According to the way I read them (and most others intrepret them) if you were born on 7/1/1947 and the first payment is going to be made on 1/15/2002, the the payments must remain unchanged through 1/14/2007. You turn 59.5 on 1/1/2007 and the 5-year period ends on 1/14/2007 – payments can be changed on 1/15/2007.I’m not here to change your mind – if you read the regs some other way, go for it – it’s your plan! :~}2002-01-10 17:01, By: Gfw, IP: [127.0.0.1]

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