Over 70? You Can Wait to Draw Your 401(k)
Thanks to the recent stimulus package, if you are over 70, you now have the option of waiting to withdraw money from your 401(k). Normally those over 70 are required to take an RMD – Required Minimum Distribution – every year.
However, that requirement has been waived for this year. If your investments declined, you may decide not to take a distribution in case the market rebounds. As with any investment, there are risks. Seek the advice of a professional. An investment advisor can help you make an informed decision.
Likewise, if you run into any legal problems with employee benefits, such as your 401(k), seek the advice of an experience retirement lawyer or pension lawyer. We are here to help.