Last edited Thu Mar 31, 2022, 11:35 AM - Edit history (2)
some money out beginning at age 75 instead of age 70 1/2 is a problem.
As for some other issues with your 401K plan, I'm sorry, but I just can't see how that has anything to do with pushing back the age one MUST begin RMD withdrawals. Sounds like your 401k plan administrator is an idiot, I never heard of anything like that before. Not something Congress did or is making worse, unless you can show me differently. (EDIT: well, I can believe Congress gave plan administrators too much leeway to devise their own special rules).
I know I'm gurgling with ecstasy at not HAVING to take RMD withdrawals and pay taxes on them for another 4 years.
Late Edit: I do sympathize -- I recently had big problems with the administrators at one of my IRAs, that I could go on for many long paragraphs about. Just off the top of my head:
The bank with my IRA wouldn't let me do a Roth conversion without giving up a CD in that account and replace it with one at the lower market rate. (That would have cost me $200)
And they were about to do it in a way that would have made it a withdraw followed by a contribution -- which would have been illegal and cause me a lot of IRS penalties and premature tax payments.
And they told me that I didn't need a medallion signature guarantee to do a transfer of the IRA to Vanguard. -- Well, something like 4 weeks after Vanguard sent the transfer paperwork to the bank by overnight express, the bank informed Vanguard that it needed a medallion signature guarantee. This on the morning of December 28 -- way too late to get this done before the end of the year, costing me to miss out on several thousands of $$$ in a year when I had a special tax situation.
When I gave them a bad review on their Facebook page, they deleted it a few weeks later... I was careful to keep my review factual and neutral-tone, not naming names etc., not giving them an excuse to do that. And yet they had claimed not to be able to delete all the spammer reviews that gave them positive recommendations (thus enhancing their stars rating), while posting their Forex and other fast-money spam schemes.
= new reply since forum marked as read