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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
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: 1 year ago.
Category: Finance
Expert:  emc011075 replied 1 year 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 1 year ago.
Must take equal p ament for 5 years or until 59.5. Whichever is longest
Expert:  emc011075 replied 1 year 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 1 year ago.
Can u do that?.
Expert:  emc011075 replied 1 year 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 1 year 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 1 year ago.
I cannot transfer you but I can opt out and release the question back to the forum.
Customer: replied 1 year ago.