ageing primitives mandatorily withdraw; Big Zero to the rescue

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=227x1888

Oh my.

question everything  (1000+ posts)        Sat Nov-22-08 02:05 PM
Original message
 
Problems with mandatory withdrawl?

Not in that category, yet, but my understanding is that seniors (older than 70?) have to withdraw a mandatory amount from their IRA and 401K before the end of the year and that the sum is based, among other things on the value of the portfolio at the end of 2007. Which can really make a hardship of selling assets that have lost so much of their values.

I think that Congress needs to suspend this rule for 2008, at least.

One would think that the AARP would be lobbying hard.

After all, in the past years Congress waited for the last minute to tweak the Alternative Minimum Tax so I won't be surprised if the same will happen with this thing.

lapfog_1  (1000+ posts)        Sat Nov-22-08 02:10 PM
Response to Original message
 
1. I believe that Obama has already promised to rescind this rule.

Uh-huh.

Like the Big Zero's promised us milk and honey and free medical care for all and equal housing and peace on earth.....

[rich_t]

I believe that Obama has already promised to rescind this rule.

Uh oh...  Another idiot that doesn't understand how our government works.

[rich_t]

That mandatory withdraw percentage is a big deal to many seniors this year.  Not just the primitive ones.