Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

lark

(24,414 posts)

3. This hits me directly and will cost me $$$.

Reply to nilram (Reply #2)

Wed Mar 30, 2022, 09:18 AM

Mar 2022

At 70-1/2 I could have started withdrawing what I want and not have to pay extra taxes/fees on it, now I have 1-1/2 years more to have to really watch my pennies. This move just lets Wall St. keep our $ longer, only helps the well off! I hate this, thought I was going to be free by Oct. - NOT.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

10 replies

= new reply since forum marked as read

Highlight:

401(k) Savings Plans Get a Boost in Bipartisan Retirement Bill [View all] question everything Mar 2022 OP

The key line being "boost the bottom line of the financial services industry dflprincess Mar 2022 #1

(cough) (cough) higher tax bills (cough) nilram Mar 2022 #2

This hits me directly and will cost me $$$. lark Mar 2022 #3

Any time you take money after 59 and a half you have to pay taxes but no fees question everything Mar 2022 #4

I have to file a form every time I take out money to prove this is a retirement account. lark Mar 2022 #6

The year one MUST begin REQUIRED minimum distributions -- was 70 1/2, then 72 with the SECURE Act of progree Mar 2022 #5

Yes, it can hurt retirees - cause them a lot more work to get their money. lark Mar 2022 #7

I'm sorry, but I don't see how giving you the OPTION of delaying when you HAVE TO take progree Mar 2022 #8

I rolled my 401k into an IRA seamlessly, decades ago. That might be a way around progree Mar 2022 #9

I retired from a lifetime of work in nonprofits and when those finance people started coming around CTyankee Apr 2022 #10