When can I use my savings in retirement ?
We are all living longer lives, which means we will need more money to live on in retirement. If you can delay taking your retirement savings and social security as long as possible, it will help stretch out your savings.
The legal requirements. You can start taking money out of your Icon IRA at age 59 1/2 without paying the 10% penalty.
At age 70 1/2, the IRS requires you to take minimum distributions (RMD)’s from your IRA each year beginning This rule does not apply to a Roth IRA. Remember the funds in your traditional IRA have been pre-tax, you will need to pay taxes on the amount you withdraw.
Calculating RMD’s. The RMD for each year is calculated by dividing the IRA account balance as of December 31 of the prior year, by the applicable distribution period or life expectancy. You can find more details on RMD’s by going to the IRS website: https://www.irs.gov/publications/p590b#en_US_2017_publink1000230736
A note about social security. The longer you can wait to take social security, the larger your monthly amount will be. Some experts recommend waiting until you’re 70 to help maximize your benefit.
To make changes to your Icon retirement plan go to click here.