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Local 2409 Microsite News  RETIREES' COMMITTEE REPORT1/8/2008The most common mistake that retirees and working seniors make with their traditional IRA's, 401(k) s and similar retirement accounts is failing to take annual required minimum distributions on time. The IRS will impose a 50% penalty! The Tax Code requires that you withdraw a certain portion of your retirement account assets every year once you turn 70 1/2. The size of your Required Minimum Distribution (RMD) equals the value of the retirement account divided by your life expectancy, as given in special IRS tables. These are found in IRS publication 590, Individual Retirement Arrangements (IRAs), available by calling 800-829-3676 or @ www.irs.gov. Many RMD errors stem from forgetfulness and a misunderstanding of the rules, such as missing the December 31 deadline, misunderstanding the first-year rule, using the wrong account balance, not combining multiple account balances, using the wrong life expectancy table, taking an RMD from your spouse's account, thinking a Roth IRA conversion eliminates an RMD, thinking that death eliminates an RMD, missing an RMD because of a disability and most importantly not getting expert advice. At Zolved.com, you can search an archive of tech-support solutions for cameras, computers, MP3 players and more. Chat on-line with a tech-support guru for free. If you still need help, you can use the site to find a technician to make a house call. To determine your eligibility for Social Security, go to www.ssa.gov. More seniors are choosing assisted-living facilities or at-home care over nursing homes. The average annual cost for nursing home care is $74,806 and for assisted living is $32,573. Links to forms relating to taxes, financial aid, passports, small business, Social Security and more may be found at www.exlibris.memphis.edu/resource/unclesam/forms.html. Respectfully submitted, Brad Cecil, Chairman |
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Last modified: 8/26/2008 Copyright 1996-2001, The International Association of Machinists and Aerospace Workers |
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