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  1. #41  
    Power CUer
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    Northern Virginia
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    11,464
    Good recap, Starbuck.
    I've never made a secret of my age - I'm 56. My reference to 2014 was about how the healthcare law due to take full effect that year would affect my company's generous health plan.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  2. #42 70.5 
    Ancient Fire Breather Retread's Avatar
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    Dec 2011
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    I came to Texas as soon as I could
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    Next year and that means having to withdraw 1/26th of all my "tax-protedted" savings; i.e. traditional IRA. I took the cash and have no pension. So.. 3/4 of my net worth is in those funds. That means unca sam intends to try his best to break me.

    But.... I've had good fortune and quantities of luck, retired with what is now my medicare backup insurance as part of being a retiree and preparing to pay my house off soon. With no other debts I'll go broke at 97 or higher or leave my one and only grandson some cash, stocks and bonds.

    The death panels worry me as I'm living at the hand of medicare with my pacemaker and other problems so I'm depending on the guvmin to see that I'm worth more tax income to them alive than dead.
    Last edited by Retread; 12-31-2011 at 02:06 PM.
    It's not how old you are, it's how you got here.
    It's been a long road and not all of it was paved.
    Live every day as if it were your last, because one of these days, it will be.
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  3. #43  
    Senior Member
    Join Date
    Mar 2010
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    3,269
    Quote Originally Posted by Retread View Post
    Next yeear and that means having to withdraw 1/26th of all my "tax-protedted" savings; i.e. traditional IRA............
    Is that the rule; 1/26th? Always wondered, but we're not there yet. It'll be OK.
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  4. #44  
    Ancient Fire Breather Retread's Avatar
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    Dec 2011
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    I came to Texas as soon as I could
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    The year you turn 70.5 it is 1/26, the next year it is 1/25, the next 1/24, etc., etc., ad infinitum... so all traditional (non-roth) IRA's will disappear after 26 years.

    Retirement Plans FAQs regarding Required Minimum Distributions
    It's not how old you are, it's how you got here.
    It's been a long road and not all of it was paved.
    Live every day as if it were your last, because one of these days, it will be.
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  5. #45 Opps!! 
    Ancient Fire Breather Retread's Avatar
    Join Date
    Dec 2011
    Location
    I came to Texas as soon as I could
    Posts
    5,535
    I should have checked the paperwork before I opened my mouth.
    The IRA Divisors are:
    27.4
    26.5
    25.6
    24.7
    23.8
    22.9
    22.0
    21.2
    20.3
    19.5
    18.7
    17.9
    17.1
    16.3
    etc.
    based on your expected lifespan from that point.
    It's not how old you are, it's how you got here.
    It's been a long road and not all of it was paved.
    Live every day as if it were your last, because one of these days, it will be.
    Reply With Quote  
     

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