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"Current rules mandate that investors must beginning to sell off their IRAs and 401ks...

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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-10-08 09:07 PM
Original message
"Current rules mandate that investors must beginning to sell off their IRAs and 401ks...
when they reach age 70 and a half." According to McCain in his stump speech.

What is wrong with that? The problem is that McCain is implying that it must all be sold off at age 70 1/2 years old. Or at least his language is confusing.

The truth is that only a required minimum amount must be withdrawn from their retirement account each year based on their asset amount.

If someone had $200,000 in their IRA at age 70 1/2 they would have to withdraw a minimum of $7299.27 the first year.


Anyone else have anything else to add to this?

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Triana Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-10-08 09:23 PM
Response to Original message
1. I wondered WTF McCain was talking about. I think you're right - that only a min amt
must be withdrawn beginning at 70 1/2. That's what I've always read and what my own puny IRA says.
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JimWis Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-10-08 09:34 PM
Response to Original message
2. You are exactly right. McCain is probably trying to scare the
older voters or something. Or he just doesn't understand what he's talking about. Not that he ever does.
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LiberalFighter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-10-08 10:03 PM
Response to Reply #2
3. Considering that he probably doesn't have a IRA or 401k that would require withdrawals.
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