With the end of another year fast approaching it would be wise to take some time out of holiday preparations and make sure your financial house is in order. New research by Fidelity shows that as much as Two-Thirds of retired IRA owners are about to be assessed huge fees for not taking money out of their account by December 31st 2014. Of the 750,000 IRA accounts requiring distribution, the Fidelity study found that 68% have not taken their full distribution and 56% have yet to take any distribution at all. Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner.
There are a few other reasons IRA owners may receive a tax penalty in the year. If you have switched IRA accounts during the year, the new institution is not required to notify you of your minimum withdrawals until the next year. If an IRA is inherited, the beneficiary would have to complete any required distributions in the calendar year to avoid stiff penalties.
At a time when interest rates are low and the stock market has been rising, many delay pulling out their minimum withdrawals until the end of the year. But, the penalty is quite hefty, 50% of the amount you would have been required to pull out of your IRA account for the year. We highly recommend that you begin the process right away to avoid running out of time due to filling out a form wrong or sending it to the wrong address. Please consult with your financial adviser to confirm you have met all of the IRS requirements.
Tags: aarp reverse mortgagealternative solutions to reverse mortgagesare reverse mortgages safebank mortgage reverseCaliforniacalifornia reversecalifornia reverse mortgagecalifornia reverse mortgage lenderCalifornia Reverse Mortgagescan i get a reverse mortgage if i am short moneycan I talk to a reverse mortgage consultant face to faceCitrusdo I have to pay homeowners insurance with a reverse mortgageeliminate mortgageeliminate mortgage paymentEliminate Mortgage PaymentsEliminate MortgagesFHA reverse mortgageFHA Reverse Mortgagesfinancial adviser reverse mortgagefinancial advisor reverse mortgageget rid of mortgageget rid of mortgage paymentshelp seniors with mortgagehelp seniors with mortgage loanHelp Seniors With Mortgage Loanshelp seniors with mortgage paymentHelp Seniors With Mortgage Paymentshipoteca inversa descuentohipoteca inversa mas baratahipoteca inversa mas dinerohipoteca inversa menos de 62homeHow A Reverse Mortgage WorksHow reverse mortgage worksHow reverse mortgages workHow To Get Rid Of Your MortgageHUD reverse mortgageInfo On Reverse MortgagesInformation On Reverse MortgagesJumbo reverse mortgagelive inlive in homeLive In Homesloan helplos angeles reverse mortgagelos angeles reverse mortgage lenderlowest price on reverse mortgagemortgage + robert wagnermortgage applicationmortgage helpMortgage Help For Seniorsmortgage lendermortgage program reversemortgages for seniorsmost competitive reverse mortgage companyno more mortgageno more mortgage paymentNo More Mortgage Paymentsno mortgage paymentsreputable reverse mortgage companyretirees avoid tax penaltiesreversereverse annuity mortgagereverse equity mortgageReverse Equity Mortgagesreverse loanReverse LoansReverse Mortgage - Los Angeles reverse mortgage san diegoreverse mortgage 4th leg of retirement income stoolReverse Mortgage AAG scamreverse mortgage advantagesreverse mortgage annuityreverse mortgage applicationReverse Mortgage ApplicationsReverse Mortgage Arrowhead Credit Unionreverse mortgage baby boomerreverse mortgage bad creditReverse Mortgage bankreverse mortgage bank of americareverse mortgage bankruptcy okReverse Mortgage BanksReverse Mortgage bargainreverse mortgage best servicereverse mortgage brokerReverse Mortgage Brokersreverse mortgage calculatorreverse mortgage calculator anonymousreverse mortgage calculator no personal informationreverse mortgage can I get an annuityreverse mortgage can I redoReverse Mortgage chart of feesReverse Mortgage ChaseReverse Mortgage cheapestReverse Mortgage Companiesreverse mortgage companyreverse mortgage consultantsReverse Mortgage customized servicereverse mortgage debtreverse mortgage disadvantagesreverse mortgage discountedreverse mortgage discountsReverse Mortgage discounts for seniorsReverse Mortgage DVDreverse mortgage effect on heirsreverse mortgage estate planreverse mortgage expertReverse Mortgage ExpertsReverse Mortgage face to faceReverse Mortgage factsReverse Mortgage feesreverse mortgage for buying 2nd homereverse mortgage for fixing up my homereverse mortgage for home remodelreverse mortgage for investingreverse mortgage for investment propertyReverse Mortgage for Law Enforcementreverse mortgage for manufactured home purchasereverse mortgage for manufactured homesReverse Mortgage for PoliceReverse Mortgage for Public Servantsreverse mortgage for seniorReverse Mortgage For SeniorsReverse Mortgage for Teachersreverse mortgage for those under 62Reverse Mortgage Free DVDreverse mortgage guaranteereverse mortgage habla espanolreverse mortgage happyReverse Mortgage HECMReverse Mortgage highest cash outReverse Mortgage highest payoutreverse mortgage highest payoutsreverse mortgage hipoteca inversareverse mortgage how long do I have to wait after bankruptcyreverse mortgage how long do I have to wait after short sale reverse mortgageReverse Mortgage husband is under 62reverse mortgage in 29 palmsreverse mortgage in adelantoreverse mortgage in AlhambraReverse Mortgage in Alpinereverse mortgage in Altadenareverse mortgage in apple valleyReverse Mortgage in ArcadiaReverse Mortgage in banningReverse Mortgage in BarstowReverse Mortgage in BeaumontReverse Mortgage in Bellflowerreverse mortgage in big bearReverse Mortgage in BonitaReverse Mortgage in Bonsallreverse mortgage in BurbankReverse Mortgage in CalabasasReverse Mortgage in CalimesaReverse Mortgage in Canyon Countryreverse mortgage in canyon lakereverse mortgage in carlsbadReverse Mortgage in Castaicreverse mortgage in cathedral cityReverse Mortgage in Cherry Valleyreverse mortgage in chino hillsreverse mortgage in Chula vistaReverse Mortgage in City HeightsReverse Mortgage in ClairemontReverse Mortgage in Coachellareverse mortgage in comptonreverse mortgage in coronareverse mortgage in covinaReverse Mortgage in CraftonReverse Mortgage in Crestlinereverse mortgage in culver cityReverse Mortgage in Descansoreverse mortgage in desert hot springsReverse Mortgage in Diamond Barreverse mortgage in DowneyReverse Mortgage in Eagle Rockreverse mortgage in Eastvalereverse mortgage in el CajonReverse Mortgage in El CerritoReverse Mortgage in Encantoreverse mortgage in Encinitasreverse mortgage in Escondidoreverse mortgage in Fallbrookreverse mortgage in fontanareverse mortgage in fountain valleyReverse Mortgage in FullertonReverse Mortgage in Gardenareverse mortgage in glendaleReverse Mortgage in Grand TerraceReverse Mortgage in Grantvillereverse mortgage in hemetreverse mortgage in hesperiareverse mortgage in high desertReverse Mortgage in Highlandreverse mortgage in HollywoodReverse Mortgage in Homelandreverse mortgage in huntington beachReverse Mortgage in Idyllwildreverse mortgage in imperial beachReverse Mortgage in Indioreverse mortgage in Inglewoodreverse mortgage in IrvineReverse Mortgage in Joshua TreeReverse Mortgage in Jurupareverse mortgage in la canada flintridgeReverse Mortgage in La Crescentareverse mortgage in la HabraReverse Mortgage in La JollaReverse Mortgage in La MesaReverse Mortgage in La PresaReverse Mortgage in La PuenteReverse Mortgage in La QuintaReverse Mortgage in Laguna BeachReverse Mortgage in Lake Arrowheadreverse mortgage in lake elsinoreReverse Mortgage in Lake Los AngelesReverse Mortgage in Lakesidereverse mortgage in Lakewoodreverse mortgage in LancasterReverse Mortgage in Lenwoodreverse mortgage in long beachreverse mortgage in los angelesReverse Mortgage in Lucerne ValleyReverse Mortgage in Lynwoodreverse mortgage in malibureverse mortgage in menifeereverse mortgage in Mira mesaReverse Mortgage in Miramarreverse mortgage in mission valleyreverse mortgage in mission ViejoReverse Mortgage in Moreno Valleyreverse mortgage in murrietaReverse Mortgage in National Cityreverse mortgage in newportreverse mortgage in norcoReverse Mortgage in NorthridgeReverse Mortgage in Nuevoreverse mortgage in oceansidereverse mortgage in ontarioreverse mortgage in orangeReverse Mortgage in Orangecrestreverse mortgage in palm springsreverse mortgage in Palmdalereverse mortgage in pasadenaReverse Mortgage in Pear BlossomReverse Mortgage in PendletonReverse Mortgage in Pinon HillsReverse Mortgage in Porter Ranchreverse mortgage in PowayReverse Mortgage in Quartz Hillreverse mortgage in RamonaReverse Mortgage in Rancho Bernardoreverse mortgage in rancho CucamongaReverse Mortgage in Rancho PenasquitosReverse Mortgage in Rancho Santa FeReverse Mortgage in Redlandsreverse mortgage in redondo beachreverse mortgage in riversideReverse Mortgage in Rowland Heightsreverse mortgage in running springsreverse mortgage in san bernardinoreverse mortgage in san diegoreverse mortgage in san DimasReverse Mortgage in San Gabrielreverse mortgage in san jacintoReverse Mortgage in San MarcosReverse Mortgage in San MarinoReverse Mortgage in San PedroReverse Mortgage in San Ysidroreverse mortgage in Santa Clarareverse mortgage in santa monicareverse mortgage in Santa Paulareverse mortgage in SanteeReverse Mortgage in Scripps RanchReverse Mortgage in Seal BeachReverse Mortgage in Sierra MadreReverse Mortgage in Signal Hillreverse mortgage in Simi valleyReverse Mortgage in Southern CaliforniaReverse Mortgage in Spring Valleyreverse mortgage in sun cityReverse Mortgage in Sunny Slopereverse mortgage in temeculareverse mortgage in the san gabriel valleyReverse Mortgage in Tierra SantaReverse Mortgage in Topangareverse mortgage in TorranceReverse Mortgage in Torrey PinesReverse Mortgage in TujungaReverse Mortgage in TustinReverse Mortgage in Universal CityReverse Mortgage in Valindausing a reverse mortgage for retirement planningReverse Mortgage in Valle Lindoreverse mortgage in van Nuysreverse mortgage in victorvillereverse mortgage in vistareverse mortgage in west covinaReverse Mortgage in Westmontreverse mortgage in whittierreverse mortgage in wildomarReverse Mortgage in WinchesterReverse Mortgage in WoodcrestReverse Mortgage in Woodland Hillsreverse mortgage in yorba lindaReverse Mortgage in YucaipaReverse Mortgage in Yucca Valleyreverse mortgage inforeverse mortgage informationreverse mortgage insuranceReverse Mortgage lenderReverse Mortgage Lendersreverse mortgage line of creditreverse mortgage loanreverse mortgage localReverse Mortgage low feesReverse Mortgage lower IMIPReverse Mortgage lower Mortgage Insurancereverse mortgage lowest feesReverse Mortgage lowest pricereverse mortgage lump sumreverse mortgage monthly checkReverse Mortgage No Bankruptcy seasoningReverse Mortgage no short sale seasoningReverse Mortgage over 1 million valuereverse mortgage paymentsreverse mortgage payoutsreverse mortgage privacyReverse Mortgage Programsreverse mortgage pros and consreverse mortgage protectionsreverse mortgage recommended by AARPreverse mortgage recommended by my doctorreverse mortgage refinancereverse mortgage refinance calculatorreverse mortgage refinance can I get more moneyreverse mortgage refinance highest payoutreverse mortgage refinance what are the rulesreverse mortgage refinancingreverse mortgage retireereverse mortgage retirement incomereverse mortgage riversidereverse mortgage run numbersreverse mortgage san diegoreverse mortgage savingsReverse Mortgage se habla espanolreverse mortgage short sale okreverse mortgage shortagereverse mortgage social securityreverse mortgage testimonialsreverse mortgage to investReverse Mortgage toolreverse mortgage trustreverse mortgage wells fargoReverse Mortgage wife is under 62reverse mortgage will there be equity leftreverse mortgage world war 2 generationReverse Mortgage young spouseReverse Mortgages - Southernreverse mortgages southern Californiariverside reverse mortgageRobert Wagner Mortgagessafest reverse mortgage companysenior loansenior loansstop forclosureStop Foreclosurewhat are reverse mortgage paymentsyear end financial preparation