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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2599
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I am 53. I have about $600000 in several retirement 401K and

Customer Question

I am 53. I have about $600000 in several retirement 401K and ira. I would like to take $1000 out each month. How much would I have to have in one account to do this? I think it's called a 701b.
Submitted: 10 months ago.
Category: Finance
Expert:  emc011075 replied 10 months ago.
Hi. My name is ***** ***** I will be happy to help you. Are you talking about series of substantially equal payments exception? I cannot find any reference about 701B related to IRS or retirement distribution.
Customer: replied 10 months ago.
Must take equal p ament for 5 years or until 59.5. Whichever is longest
Expert:  emc011075 replied 10 months ago.
Yes, that's the substantially equal periodic payment program or SEPP. IRS doesn't set any minimum balance as long as you do not deplete the account sooner than 5 years. You will need to calculate your minimum distribution based on your life expectancy and value of your accounts. Your broker should be able to help you with the calculation.
Customer: replied 10 months ago.
Can u do that?.
Expert:  emc011075 replied 10 months ago.
No because I do not have access to your accounts. Your broker has access to computer programs and calculators he can use which I do not have.
Customer: replied 10 months ago.
Can u TransFer my question to some one who know how. 1 I'm 53. 2 I have 600000 to use. 3 how much do I need to move into one account to withdraw 1000 each month till 59.5?
Expert:  emc011075 replied 10 months ago.
I cannot transfer you but I can opt out and release the question back to the forum.
Customer: replied 10 months ago.
Ok