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Bob
syplatt
09-12-2007, 5:09 PM | Post #2436453
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Assuming that Henry is not annuitizing, he has a couple of options.
The simplest is to request TIAA-CREF to handle his Required Minumum Distributions. They do it all for him and he doesn't have to think about it.
Or, he can choose to do it himself. They give him the IRS "divisor". Then he can withdraw the required amount out of his accounts of which there are two different sources.
One would be from the sum of the un-taxed 403b contracts.
The other is from the sum of the un-taxed IRA contracts.
Even if he has several contracts, he's allowed to take the full amount from one contract for each type of retirement account (403b or IRA).
They have a booklet that he can download that explains how to do it.
He can't get fined unless he doesn't take the required amount after he reaches 70 1/2.
Sy
Originally posted in thread: 1658
Topics
403(b)
distributions
IRAs
RETIREMENT
RMD
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