12/8/2015 – Deadline nears for certain seniors to withdraw from IRAs (Pittsburgh Post-Gazette)

Dec 08, 2015 Comments Off by

For senior citizens age 70½ or older who have not yet taken the annual required minimum distribution from their IRAs, time is running out. If seniors unknowingly miss the Dec. 31 deadline, it ends up costing them dearly in the form of a tax penalty that amounts to 50 percent of what they should have withdrawn. One of the largest financial services firms in the world, Fidelity Investments, based in Boston, reported that as of Nov. 27, the majority — nearly 60 percent — of the company’s more than 800,000 IRA customers who are supposed to take required minimum distributions for the tax year 2014 had yet to take the full amount from their Fidelity IRAs.

Read the full article in the Pittsburgh Post-Gazette. 

 

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