Minimum Distrubtions
By: Martin M. Shenkman, CPA, MBA, JD
The IRS requires that you remove a certain amount of money from your retirement fund each year after you turn 70 ½. The penalty for failing to take minimum required distributions from your plan is huge. If you forget, or decide not to withdraw the minimum, you can be faced with an excess accumulation tax equal to 50% of the minimum distribution. Have your investment manager put your plans on auto-pilot to automatically pay the minimum distributions, so that you do not have to remember.
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