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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I will be 70 years old in February 2014. I have several 401

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I will be 70 years old in February 2014. I have several 401 and 403 retirement plans as well as a couple of IRAs. I am still gainfully employed and contributing to these accounts as is my employer. Question: Will I have to start taking distributions? If so when and what percentage? I have been told that I don't as long as I continue to be employed full time but want to be sure. Thank you.

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you

Megan C :

For your 401(k) and 403(b) accounts, you do not have to start drawing from the account until you are either 70 1/2 or when you retire from the company, whichever is later.

Megan C :

The same goes for your IRA. The IRS states "Required Minimum Distributions (RMDs) generally are minimum amounts that a retirement plan account owner must withdraw annually starting with the year that he or she reaches 70 ½ years of age or, if later, the year in which he or she retires."

Megan C :

So if you have not retired, you do not have to take an RMD.

Megan C :

You can read the link to this, HERE

Customer: Great. Thank you
Megan C :

You're welcome

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