Archive for Wednesday, March 18, 2009
Social Security answers
March 18, 2009
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Q: I’m 72 and get Social Security. Is it true that I no longer need to take mandatory IRA withdrawals?
A: For 2009, yes. Mandatory withdrawals from certain retirement accounts have been waived for tax year 2009. Usually, anyone age 70 1/2 or older is required to withdraw funds from their retirement plans each year, even if the money isn’t needed. These plans include 401(k)s, 403(b)s, some 457(b)s as well as IRAs and IRA-based plans such as Simple IRAs and SEPs. However, The Worker, Retiree and Employer Recovery Act of 2008 waives the requirement to withdraw funds in 2009. To learn more, visit www.irs.gov/pub/ irs-drop/n-09-09.pdf.
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Question of the week
Do you think new Principal Anna Van Zile has a valid idea in eliminating the Asst. Principal and replacing it with an Athletic Director position that would share her duties as Principal?
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