Can a husband's IRA purchase a "life only" SPIA on the life of his wife and have the SPIA income payments be made to the husband during his lifetime (satisfying RMD requirements), and continue to the wife should she outlive him? If not, is there a way to accomplish the same thing?
You generally have to start takingrequired minimum distributions(RMDs) from your Traditional IRA account after you reacha certain age. Roth IRA accounts do not require withdrawals while you own them. You can find your RMD amount, if applicable, on your FMV or Form 5498 by clickinghere. Betterm...
Assume that it's March 2021, your birthday is August 1, you are 72 years of age and the current value of your IRA is $350,000, although its value was $325,000 in December 2020. The distribution periods from the relevant IRS table are 25.6 for age 72 and 24.7 for age 73. The req...
Because we are only able to withdraw about 3-4%/year while still paying 0% tax, and the portfolio is growing by 7%, the portfolio continues to grow at an increasing rate. That is, until Age 70.5 when the RMD starts requiring large withdrawals. In this round of GCC vs the RMD, the ...